Brian Brooks is touting the benefits of crypto, decentralized finance (DeFi) and stablecoins as he exits his role as Acting Comptroller of the Currency.
In a farewell Twitter thread the day before he leaves office, the Chief of the Office of the Comptroller of the Currency (OCC) is calling crypto, DeFi and stablecoins essential elements of the future of finance.
[adinserter block="1"]Brooks tells the crypto community that though there may be uncertainty in the sector, its advancements will prove necessary in the coming years to usurp power from banking institutions and rectify the issues caused by increasing M1 money supplies.
“Crypto? Scary to some today but necessary tomorrow as M1 money supply goes to the moon.
DeFi? Scary to some today but necessary tomorrow as some banks start telling you what you can and can’t do with your own money.
Stablecoins? Scary to some today but necessary tomorrow if we want the dollar to remain a competitive global medium of exchange.”
Brooks emphasizes the importance of making room for disruptive fintech and the danger of protecting traditional financial institutions to a fault.
“I’m incredibly optimistic that our big, brawling, risk-taking, dynamic country will continue to lead and succeed — but not by protecting powerful incumbents. Success will come from disruptive ideas that are scary today but expected and even necessary tomorrow.”
To combat what Brooks sees as undue power in the hands of large corporations, he calls for the allowance of a decentralized internet that redistributes power to the people.
“…Sometimes institutions decide people’s ideas or economic choices are wrong, and then try to suppress those ideas or choices.
Hence decentralization: an *open* internet and an *open* financial system put[s] power back in the hands of the actual people for whose benefit government and corporations are supposed to exist.”
During his term, Brooks has led the OCC in a crypto-friendly direction. This year, Brooks granted banking institutions the right to custody crypto and under his leadership, Kraken became the first firm to be granted a US bank charter to offer crypto services.
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Featured Image: Shutterstock/Tithi Luadthong
