Brian Brooks, the previous Coinbase govt turned chief of the U.S. Workplace of the Comptroller of the Foreign money, or OCC, lately obtained a letter from a number of members of Congress expressing considerations over his crypto-heavy management.
The letter, from Stephen Lynch and Rashida Tlaib, two congresspeople for Massachusetts and Michigan respectively, additionally holds signatures from Jesús García, Deb Haaland, Barbara Lee and Ayanna Pressley — representatives from Illinois, New Mexico, California and Massachusetts.
The letter references the OCC’s “latest unilateral actions within the digital monetary actions house, together with interpretive letters on cryptocurrency custody, stablecoins, and its introduced plans to start out providing particular goal ‘funds’ charters,” a media assertion from Tlaib mentioned yesterday.
The crypto business has seen quite a lot of key regulatory readability choices in 2020, partly due to the OCC beneath Brooks. In July, federally chartered banks obtained regulatory approval for crypto custody, whereas September ushered in approval for stablecoin reserve custody by such banks.
“Given the restricted statutory authority of the OCC, we urge the Comptroller to significantly rethink the implications of a unilateral strategy and as an alternative invite the OCC to collaborate with different regulators and Congress on these points,” the letter reads.
The OCC’s readability from September hurts innovation whereas facilitating “a brand new class of establishments that advantages massive, established fintech corporations,” the assertion mentioned. Giving large tech corporations like Fb the go-ahead to enter the funds area additionally raises pink flags with the legislators.
Partly, the letter posits that the OCC put fintech and crypto regulatory developments forward of different extra urgent points, comparable to offering residents stimulus examine entry. The letter listed a plethora of questions for the OCC, citing a due date of Dec. 10 for a response.
Regulators throughout the board have elevated their involvement within the crypto house this 12 months regarding felony prices and readability.
Cointelegraph reached out to Brian Brooks’ press workforce for added particulars, however obtained no response as of the time of publication. This text will probably be up to date accordingly ought to a response are available in.
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