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OCC is too caught up in crypto under former Coinbase exec, congresspeople say

OCC is too caught up in crypto under former Coinbase exec, congresspeople say

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.