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Who in Crypto Met With Brian Brooks When He Ran OCC?

Of the greater than 1,200 conferences Brian Brooks took as performing U.S. Comptroller of the Forex, round 40 have been about cryptocurrency or concerned somebody from the crypto business. 

These conferences concerned a variety of members within the crypto market, from executives of Fortune 500 corporations to founders of decentralized finance (DeFi) protocols. 

Brooks’ calendar of appointments, obtained by CoinDesk by means of a Freedom of Data Act (FOIA) request, sheds new mild on his seven-and-a-half month tenure main the Workplace of the Comptroller of the Forex (OCC), the regulator for nationwide banks. (The calendar was partially redacted underneath exemptions associated to inner personnel guidelines, company practices, commerce secrets and techniques, business or monetary data and private data.)

Throughout this time, the previous Coinbase government pursued an aggressively crypto-friendly agenda, releasing interpretive letters that gave conventional monetary establishments the inexperienced mild to get entangled in digital asset custody, staking and stablecoins. The Trump appointee got here underneath criticism from congressional Democrats for spending a lot time on crypto throughout the coronavirus pandemic. 

After leaving the OCC in mid-January, he rejoined the business as CEO of Binance.US, the worldwide crypto alternate’s stateside affiliate. 

“On the time Mr. Brooks was appointed to the OCC, the U.S. authorities on an interagency foundation had been engaged on digital property for years,” an exterior spokeswoman for Brooks and Binance.US stated in an e-mail. “The Federal Reserve’s work on a ‘digital greenback,’ the [Commodity Futures Trading Commission’s] work on bitcoin futures, the [Securities and Exchange Commission’s] work on securities regulation, and banks’ rising curiosity and participation in steady coin initiatives and different digital property predated Mr. Brooks’s arrival on the OCC and can undoubtedly proceed.”

Stablecoins on agenda

His first crypto-related assembly as performing comptroller, with blockchain lending startup Determine, got here on June 12, 2020, 15 days after he was appointed by then-President Donald Trump. That was adopted that day by a gathering titled “Innovation/Crypto Forex Dialogue,” which was then instantly adopted by a name to Sen. Mike Crapo (R-Idaho), who heads the Senate Banking Committee. It’s not clear if that decision was about digital property, however Rep. Tom Emmer (R-Minn.) did focus on “crypto points” with Brooks on Nov. 16. 

It’s additionally on this calendar that we get a glimpse of a few of the first interagency work on stablecoins, as Brooks had a gathering about stablecoins with the President’s Working Group on Monetary Markets. Six months after his departure from authorities, stablecoins are actually a flashpoint of controversy, with a number of main U.S. monetary regulators publicly calling for the pegged digital property to be regulated.

Brooks additionally met with license candidates together with Paxos and Anchorage, which have been each granted a nationwide belief constitution, and First Blockchain Financial institution and Belief (a subsidiary of Metallic Pay) and Determine, which each have utilized for a full nationwide financial institution constitution.

He additionally met with some fintech heavyweights, together with PayPal CEO Dan Schulman, Fb government David Marcus and officers from peer-to-peer lending platform SoFi and U.Ok. digital financial institution Revolut. It was not clear whether or not crypto was mentioned in any of these conferences. However Marcus is Fb’s blockchain lead and PayPal began a digital asset service in 2020. SoFi has a digital property buying and selling unit. Revolut has supplied crypto buying and selling providers since 2017. Brooks additionally had a gathering with the Treasury Division to debate Fb’s controversial stablecoin venture Libra, now known as Diem.

DeFi discussions

The previous performing comptroller additionally made certain he bought enter from the budding decentralized finance (DeFi) market, and certainly one of his final conferences on the OCC was a “staking dialogue” on Jan. 10. In August 2020, Brooks’ “prep for 8/21 OCC administration convention” included a name to Compound founder Robert Leshner. About two months later he held a gathering titled “MakerDAO name.” 

Compound is among the main decentralized lending protocols on the Ethereum platform. Loans on Compound are prolonged in a permissionless means, with debtors solely needing to submit the correct quantity of crypto collateral. MakerDAO is a protocol that takes ether, USDC, BAT or different holdings as collateral for a dollar-pegged stablecoin known as dai that’s minted particularly for MakerDAO loans.  

Once more, these conferences foreshadowed coverage debates to return, as Sen. Elizabeth Warren (D-Mass.) has lately requested President Biden’s Securities and Trade Fee (SEC) chairman, Gary Gensler, how Congress can empower regulators to rein in DeFi.

Following is a full checklist of the previous performing comptroller’s conferences that both embody stakeholders within the crypto business or corporations which have a digital property unit:

  • Interview with Cointelegraph’s Kollen Submit on June 4, 2020.
  • Interview with CoinDesk’s Nik De on June 5.
  • An look on The Block’s “The Scoop” on June 10.
  • Outdoors of press interviews, Brooks’ first crypto-related assembly was on June 12 with blockchain lending startup Determine.
  • The primary company assembly about cryptocurrency (“Innovation/Crypto Forex [sic] Dialogue”) occurred in a while June 12.
  • Brooks traveled to Determine’s places of work on July 7 and met with CEO Mike Cagney.
  • An early morning name with David Marcus, blockchain lead at Fb, on July 31 adopted by a “Crypto assembly” with OCC officers. Additionally a name with Marcus on the night of Nov. 16.
  • One other “Crypto Assembly” with OCC officers on Aug. 11.
  • A Robert Leshner name on Aug. 12 that is purported to be “prep for 8/21 OCC administration convention.” A name with Chris Giancarlo, the previous CFTC chairman and digital greenback advocate on Aug. 17 can also be a part of this prep.
  • An look on Circle CEO Jeremy Allaire’s podcast “The Cash Motion” on Aug. 13.
  • Brooks participated in a “Cryptocurrency Trade Assembly” on Aug. 25 led by Xapo’s Wences Casares.
  • Assembly with Revolut on Sept 2.
  • “Treasury Libra Assembly” held on Sept 14.
  • “Secure Cash Comply with-Up” on Sept. 15 with OCC officers.
  • Trade lobbyists Coin Heart on Oct. 2 and Oct. 8.
  • Paxos on Oct. 6.
  • Polychain Capital on Oct. 7.
  • Bitpay on Oct. 7 and likewise on Dec. 15.
  • MakerDAO name with OCC officers on Oct. 8.
  • Anchorage on Oct. 23.
  • Investor Mike Novogratz on Nov. 5.
  • Regulatory panel for Credit score Suisse’s Blockchain and Digital Property Symposium on Nov. 11.
  • “Future Interpretive Letters on Crypto” with OCC officers Nov. 11.
  • Interagency digital assembly on stablecoins on Nov. 12.
  • A name with Rep. Tom Emmer (R-Minn.) on “crypto points” on Nov. 16.
  • “PWG StableCoin” on Dec. 9.
  • Jeremy Liew, companion with ​​Lightspeed Enterprise Companions, on Dec. 11.
  • “Belief Financial institution Purposes” name on Dec. 14.
  • “Novel Constitution Set-up” with OCC officers on Dec. 16 and Dec. 29.
  • PayPal CEO Dan Schulman on Dec. 18.
  • Wyoming blockchain advocate and Avanti Financial institution founder Caitlin Lengthy on Dec. 18.
  • Teddy Fusaro from Bitwise on Dec. 18.
  • “First Blockchain Financial institution” on Jan 6.
  • “Determine and OCC” on Jan. 7.
  • “Staking dialogue” on Jan. 10.
  • Valor Roundtable: Digital & Cryptocurrencies” on Jan. 11.
  • Elliptic webinar on Jan. 13.

Source: CoinDesk


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