The head of the U.S. Office of the Comptroller of the Currency (OCC) Brian P. Brooks has officially announced that he is stepping down on January 14, 2021.
In a statement dated January 13, the organization said that Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency, replacing Brooks who has served for eight months.
Brian P. Brooks to Step Down, Blake Paulson to Become Acting Comptroller of the Currency on January 14, 2021 https://t.co/bGpnNapT1F
— OCC (@USOCC) January 13, 2021
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The outgoing chief Brooks, formerly head of legal at Coinbase, has been a breath of fresh air with his forward looking approach. On January 12, he suggested that DeFi can root out bias and fraud in traditional banking, and that regulations need to be reconfigured for an age of algorithms.
Following several years of regulatory uncertainty the agency, which falls under the scope of the U.S. Treasury, recently made moves to allow banks to