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We are delighted to welcome Brian Brooks, Acting Comptroller of the Currency, to the latest in our ‘Coffee and Crypto with Regulators’ webinar series. The discussion with Elliptic CEO Simone Maini was a fascinating and inspiring exploration of Brian’s passion for financial innovation and the positive transformations it can bring. They also delve into the crypto-specific work he spearheaded at the OCC – including numerous interpretive letters on the activities of crypto assets and licensing crypto business as a national bank.
The entire conversation is available watch on demand. Here we highlight three of our highlights.
1. Crypto = Banking
Brian describes his realization that “crypto is banking” and that a banking charter might be appropriate for many crypto businesses:
Shortly after the webinar, Anchorage became the first crypto company to be granted a national bank charter by the OCC.
2. Blockchain analytics brings confidence to crypto
During a discussion on the financial crime risks of cryptoassets, Brian explains how blockchain analytics solutions like Elliptic play a key role in ensuring companies comply with anti-money laundering regulations:
3. Regulations are not an obstacle for financial institutions to accept cryptocurrencies
Brian describes the regulatory clarity the OCC has brought to the regulation of crypto-related activities and argues that regulation is no longer a barrier to adoption or crypto by banks. If enough buyers want access to cryptoassets, financial institutions will overcome the challenges to make it happen:
There were many more highlights, including predicting which “Fiat will eventually be a legacy of the past” i.a honest argument for crypto as a tool for freedom after the US election.
Brian left his position at the OCC the day after this hearing, to make way for a new appointment by the Biden administration. His work to provide clarity on how cryptoassets and networks are likely to have a lasting impact on the US and international financial system.
Follow all episodes in our ‘Ask Me Anything With Regulators’ series:
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Crypto & Coffee: Ask Me Anything with Brian Brooks, Acting Comptroller of the Currency
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Crypto & Coffee: Ask Me Anything with Clara Chiu, Director of Licensing and Head of Fintech, SFC
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Crypto & Coffee: Ask Me Anything with Ken Blank, Director of FinCEN
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Crypto & Coffee: Ask Me Anything with OFAC Director Andrea Gacki
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