“It has been a great honor to serve the United States as Acting Comptroller of the Currency,” Brooks said in an emailed statement through a spokesperson. “The Office of the Comptroller of the Currency (OCC) is the most extraordinary of federal agencies filled with the most dedicated, professional and gifted staff any executive can hope to have. I am extremely proud of what we have accomplished together through what have been extraordinary times by any measure.”
Under Brooks, the OCC published a number of interpretative letters surrounding how national banks can interact with the cryptocurrency space, with particular attention paid to stablecoins and their issuers. However, he said during a public seminar hosted by analysis firm Elliptic that much of this work began prior to his arrival at the agency last March.
The former chief legal officer at Coinbase has said multiple times he believes digital assets and blockchain technology can form the basis for the future of the financial system, a view he reiterated during the seminar.
"Blockchains, fundamentally, are banking because what they’re doing is allowing the transaction of value across networks … they’re doing it in an orthogonally different way," he said Wednesday in what may be his swan song in public office.
It is unclear who the incoming president, Joe Biden, might tap to replace Brooks. The OCC announced Chief Operating Officer Blake Paulson will become the new acting comptroller in the interim. Law firm Davis Polk said in a public presentation Wednesday that it is unlikely Brooks' efforts around digital asset custody will be overturned by his successor, though further efforts around digital currencies may be slowed.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.