The new American Comptroller Of The Currency, Brian Brooks, is currently the new top banking regulator for President Donald Trump’s administration. Formerly, Brooks served as Chief Legal Officer of Major San Francisco’s Coinbase Digital Currency Exchange Platform.
Brooks’ appointment as an acting-Comptroller Of The Currency is a clear message that Blockchain is not a drawback; according to Brooks, Blockchain is a modern-day solution to our problems. While speaking to Forbes, Brooks said:
“Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in Blockchain and crypto.”
Brooks bullish on bitcoin
Brooks also spoke comprehensively about digital currencies, regulations, and technology in general. While discussing cryptocurrencies in general, America’s new Comptroller Of The Currency specifically cited Bitcoin, Ethereum, and Ripple as solutions to multiple setbacks faced by more than a thousand banking institutions.
Recently, on 2 June, Brooks proposed a regulation aimed at rewriting the current “Bank Digital Activities” laws. The request for comments and public opinion signed by the new Comptroller Of The Currency includes the question of how artificial intelligence and blockchain technologies could be integrated into strict banking regulations.
America’s new Comptroller Of The Currency urges FED to adopt Blockchain in money transfer
Brooks is more troubled about the outdated techniques that financial institutions use to transfer money. He says:
“It takes three days if you’re trying to send money from the US to Europe… on the SWIFT network. Your money is at risk during that period. And even when the money is transmitted, foreign exchange fees are incurred. But a digital representation of value on both sides of the transaction can eliminate that friction and those costs.”
According to Brooks, the fact that other nations are developing modern payment systems is a threat to the United States. He also aims sly dig at the Federal Reserve, claiming that it is slow in adopting modern money transfer methods such as Blockchain, which are instantaneous.