Brian Brooks OCC Raises Concerns about Possible Changes to the Regulatory System

The Office of the Currency Manager aka WNO has been making headlines time and time again. Thanks to Brian Brooks, OCC’s current acting leader who previously served at the prominent crypto exchange, Coinbase. After being called out by the members of US Congress for being too biased towards the crypto industry, Brooks is once again making news after appearing in a recent CNBC interview.

WNO Leader Expresses His Concerns While BTC ascends

The price of Bitcoin had hit $ 23K and caught the eyes of the whole world. While the world was plunging into the crypto-verse, Brooks revealed what he was worried about. He pointed out that the price of BTC is soaring where the government is on the verge of change. He even pointed out that there are “calls on Capitol Hill” to undo the existing regulations that have already been implemented.

The surge in the price of Bitcoin and other assets has sparked the need for better regulations. Expanding on the same Brooks said,

“My agency has tried to make it safer for people to be held in national banks. We’ve talked about banks that support some of these stablecoin projects. If those protections are not in place, I’m very concerned about the environment for these kinds of things. “

Suggesting that the crypto industry is currently at a “critical inflow point”, Brooks said, “It’s kind of a fork in the road.” He went on to set out several prospects for the crypto-verse and proposed that they should politicize some technology issues. He believes this would result in a safer and more real industry. He wanted this for the crypto and the fintech industry. He further added,

“[…]for example, the Chairman’s letter Maxine Waters suggested recently, then I’m not sure if we have enough foundation to move forward here. So it’s about consolidating regulatory gains and consumer protections that we’ve tried to put in place. “

Brian Brooks recently took over the site the Manager for the next five years. The latest letter written by members of Congress had put Brooks in a critical light. However, the crypto-verse was overwhelmed after he was appointed by President Trump.