The Chair of the FinTech Task Force, Congressman Stephen Lynch (D-MA), who just introduced a bill for COVID-19 supplies to be tracked on a blockchain, stated he thinks it is ‘great’ that the former chief legal counsel of Coinbase, Brian Brooks, is now the Acting Comptroller of the Currency of the OCC.
When asked during a telephone interview how Acting Comptroller Brooks would balance the oversight of large federal banks with crypto alternatives, Lynch said “It’s just great. There are too many bankers and U.S. agency leaders that did not grow up with this stuff and are afraid of change, which is to our detriment.” Lynch had already asked his staff to reach out to Brooks’ team at the OCC to see what infrastructure would support the Acting Comptroller. “Maybe we can help get these financial markets to give this stuff a try,” said Lynch.
One of the cryptocurrency exchanges, Binance.US, which could possibly participate in one of these pilot programs described by Lynch, has been outspoken on how stablecoins could be used to deliver stimulus benefits on cryptocurrency exchanges at a very low cost. Catherine Coley, CEO of Binance.US had to say, “Access to money changes lives. Crypto is pushing others in government and banking to reconsider existing systems. Without crypto pushing the envelope on decentralization, these conversations were never on the agenda.” Lynch mentioned the idea of a roundtable in the near future where a discussion could be held on how to move forward on pilots for the existing financial markets to experiment with crypto.
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