The U.S. Acting Comptroller of the Currency, Brian Brooks, recently expressed his willingness to embrace fintech solutions.
Within an official recent interview with CNN, Brooks, who was formerly Chief Legal Officer at Coinbase, explained that his job now was to “identify impediments that make it harder for people to urge what they need and wish.”
This has already led to a green light for banks to offer cryptocurrency custody services, and Brooks also mooted the likelihood of a future CBDC issued by private firms but backed by bank deposits.
The interview also covered the necessity for faster payment solutions, with the recent issuing of COVID-19 benefit payments being transferred across what Brooks described as “19th century banking rails.”
He added that the shortage of an instant moment payment solution within the U.S. banking industry had led to many payments being made outside of it, via several companies like PayPal, Stripe and Square.
This then raises the question of whether it’s desirable for this financial activity to be outside of the regulator’s management.
Brooks suggested that his favoured solution, that is already being implemented in other parts of the world including the U.K., was to possess “faster payments that are innovated by private companies, on the other hand supervised by federal watchdogs.”
Finally, Brooks discussed the 50 Mln Americans that presently hold some sort of cryptocurrency. He described his role as ensuring that this was “accessible to them within the same safe and sound way that they will get their bank account.”