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Binance Hires Legacy Financial institution Regulator Brian Brooks

04/20/2021

Main bitcoin alternate Binance has employed former U.S. Treasury official Brian Brooks, who oversaw pro-Bitcoin regulation whereas in workplace.

Binance, one of many world’s largest bitcoin exchanges, has reportedly employed former Appearing Comptroller of the Foreign money Brian Brooks because the chief government of its U.S. affiliate Binance.US. Brooks is ready to imagine the brand new position starting Might 1.

From Might 2020 to January 2021, Brooks served within the Donald Trump administration because the lead of the Workplace of the Comptroller of the Foreign money (OCC), a department of the U.S. Division of the Treasury that’s charged with supervising and regulating nationwide banks and federal financial savings teams. In that point, Brooks noticed the group present comparatively pleasant regulatory clarification round cryptocurrencies.

“Throughout his time on the OCC, Mr. Brooks was dubbed the ‘CryptoComptroller’ on social media for his pleasant perspective towards digital currencies,” The Wall Avenue Journal reported. “Underneath his watch, the OCC launched steerage clarifying that banks may present cryptocurrency custody companies and use stablecoins to facilitate cost actions, strikes that made it simpler for conventional monetary establishments to get into crypto.”

The OCC declaration round conventional banks providing cryptocurrency custody, which got here in July 2020, was a big indicator that attitudes round Bitcoin had been altering.

“The U.S. authorities has been cautious of digital currencies from the very starting, nevertheless it seems their views are altering, and that may solely be good for adoption,” Nick Neuman, the CEO of Bitcoin custody group Casa, wrote for Bitcoin Journal on the time. “Utilizing a financial institution to custody cash is smart for brand new customers eager to dip their toe into the world of Bitcoin. Folks instantly achieve the peace of thoughts {that a} financial institution model confers, and that is particularly vital for many who have all the time been within the idea of Bitcoin, however who by no means invested as a result of they fearful that digital currencies had been unsafe or untrustworthy.”

Brooks has previously served because the chief authorized officer of main U.S. bitcoin alternate Coinbase. It stands to cause that in his upcoming position with Binance.US, he’ll assist the alternate reap the benefits of or probably propel extra Bitcoin-friendly rules.