Crypto News

Binance appoints former OCC Head Brian Brooks as US CEO

Brian Brooks, executive head of the Department of Comptroller of the Currency (OCC) under Donald Trump’s administration, noted in a Wall Street Journal Report good Today he will serve as the CEO of Binance US on May 1, 2021.

Brooks’ career at OCC

During his tenure as acting chief at the OCC, Brooks was favored for cryptocurrency despite Trump’s dislike for public asset classes, particularly bitcoin.

The regulator’s support for crypto assets earned him the title “cryptocurrency” on various social media platforms. One of the measures taken in support of cryptocurrency was to allow financial institutions in the country to hold the assets of their customers.

The move contributed to a growing interest in bitcoin (BTC) among US-based banks and institutions.

Brooks was also in charge of the OCC when banks were given the green light to use fixed stocks such as USDT, USDC, DAI, to conduct payment activities and other bank-permissible functions.

Binance Global sets Woo US regulators

Brook’s appointment comes at a time when Binance Global is still making efforts to woo United States regulators to meet the legal requirement of operating in the country.

The world’s largest exchange has taken a number of steps towards getting into the good books of US regulators, including past government officials with influential credentials.

Although Brooks did not have the full capacity to act as head of the OCC, his affiliation with active government officials could help pave the way for Binance.

Meanwhile, Brooke’s Binance.US appointment is not the first time the former OCC boss will be working for a crypto-related firm.

Between 2018 and 2020, Brooks was the chief legal officer at the popular San Francisco-based exchange Coinbase, where his responsibilities included those in charge of the firm’s legal affairs, internal audits, and government regulations.

US reportedly plans to regulate bitcoin

An earlier report revealed today that the Biden administration is in its early stages of developing a regulatory framework for the bitcoin and the entire crypto market.

Sources familiar with the matter claim that Gary Gensler, the newly appointed chair of the US Securities and Exchange Commission (SEC), is awaiting a green light from the Treasury Department to develop regulatory guidelines that will focus on crypto infrastructure and taxation .

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