Brian Brooks, the previous Coinbase government turned chief of the U.S. Workplace of the Comptroller of the Foreign money, or OCC, just 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 “current unilateral actions within the digital monetary actions area, together with interpretive letters on cryptocurrency custody, stablecoins, and its introduced plans to begin providing particular goal ‘funds’ charters,” a media assertion from Tlaib stated yesterday.
The crypto business has seen quite a few key regulatory readability choices in 2020, partly due to the OCC underneath 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 noticeably rethink the implications of a unilateral method 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 stated. Giving huge tech corporations like Fb the go-ahead to enter the funds area additionally raises pink flags with the legislators.
Partially, the letter posits that the OCC put fintech and crypto regulatory developments forward of different extra urgent points, similar to offering residents stimulus test 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 area this 12 months regarding prison fees and readability.
Cointelegraph reached out to Brian Brooks’ press group for extra particulars, however obtained no response as of the time of publication. This text might be up to date accordingly ought to a response are available.