Former Coinbase top lawyer — suddenly a top banking regulator — explains how fintech can 'level the playing field'

Episode 23 of Season 2 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Brian Brooks, Acting Comptroller of the Currency and former head of legal at Coinbase.

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In a matter of months, Brian Brooks made the move from Coinbase to head of the U.S. Office of the Comptroller of the Currency (OCC). 

Brooks left his job as the exchange's top lawyer in March, after his former OneWest Bank colleague and current Treasury Secretary Steve Mnuchin tapped him to become the COO and first deputy comptroller at the OCC.  Just two months later, then Comptroller of the Currency Joseph Otting announced his departure, making Brooks acting Comptroller.

On this week's episode of The Scoop, Frank Chaparro sat down with Brooks to talk about what it means to have a crypto veteran in the Comptroller's chair. Brooks will run the OCC for at least the next nine months, and maybe longer depending on the political machine. Regardless, he said he's confident he can get a lot done in the time he has, and he's got an eye towards shaping guidance that will help modernize the banking system.

"I think when you look at a lot of the protests that have been going on over the last week or so and a lot of the economic pain that's been felt over the last few months, what that tells me is that the system that's worked very well for some of us for a long time has not worked well for all of us," he said. "And so I think there's a direct connection between modernizing the banking system and creating more access for diverse communities than was historically the case."

He broke down some of the topics he's been thinking about in relation to the OCC, including:

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  • Beefing up the agency's Office of Innovation to better evaluate trends and provide written guidance
  • How blockchain technology can shrink wealth disparity by providing another route to establish credit
  • How federal regulation can help to level the playing field between banks and fintech firms
  • Why the digital dollar should come from the private sector, while the government handles the guidelines 

Listen to this week's episode on Apple, Spotify, GooglePlay, Stitcher or wherever you listen to podcasts.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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About Authors

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].