An online future for finance is inevitable, says OCC's Brooks

An online future for finance is inevitable, says OCC's Brooks

The departing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday.

Described by Elliptic CEO Simone Maina as “a fairy godfather to the crypto industry,” Brooks has been a leading light in U.S. federal policy towards crypto since taking over for Comptroller Joseph Otting in May. Today, he outlined views that follow an opinion piece he wrote for the Financial Times yesterday.

Namely, Brooks took the opportunity to promote his vision of an OCC that checked algorithms rather than bankers for responsible behavior: “Imagine a world where we’re granting charters to softwares as opposed to individuals.”

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The vision falls in line with Brooks’ overall work to push forward a national charter for non-depository financial institutions — which detractors have called a “nonbank charter.” In broader terms, the Acting Comptroller saw the technological change that he is trying to prepare laws

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