BREAKDOWN: A Crypto Ally as Top US Bank Regulator?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 19 November 2020
⏱️ 15 minutes
🧾️ Download transcript
Summary
President Trump has nominated former Coinbase counsel Brian Brooks to a full five-year term as Comptroller of the Currency, but will he be confirmed in time?
This episode is sponsored by Crypto.com and Nexo.io.
Today on the Brief:
- Markets fight to remain optimistic
- Jobless claims rise for the first time in five weeks
- China borrows at negative rates for the first time
Our main discussion: a crypto ally as top bank regulator?
Brian Brooks was an executive at Coinbase when he was tapped by Treasury Secretary Steve Mnuchin to be the number two at the Office of the Comptroller of the Currency, the nation’s main bank regulator. Within two months he was acting Comptroller and now Brooks has been nominated for a full term.
In his short tenure, he has given banks the OK to provide custody of crypto and banking services to stablecoin issuers. In so doing, he has aroused the ire of congressional Democrats, who have accused him of acting too quickly and unilaterally on crypto.
In this discussion, NLW breaks down Brooks’ time at the OCC and asks whether he’s likely to be confirmed before the next administration early next year.
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Transcript
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| 0:00.0 | More fast-moving regulators and specifically allies could be hugely important as this industry |
| 0:06.3 | gets bigger, more significant, and consequently more threatening. I don't take it lightly that this |
| 0:12.4 | group of Democratic senators who were trying to castigate Brooks pointed to the American Bankers |
| 0:17.6 | Association and other trade groups. If you don't think as crypto gets bigger that |
| 0:22.7 | that type of group is going to get much, much more bloodthirsty, you have got another thing coming. |
| 0:30.3 | Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:40.0 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest. |
| 0:47.9 | What's going on, guys? It is Thursday, November 19th, and today we are talking about a piece of news from earlier in the week |
| 0:55.7 | that has actually gotten buried because there has been so much excitement around this price |
| 1:00.6 | action, but we're talking about a crypto ally as the top U.S. bank regulator. |
| 1:06.7 | First up, however, let's do the brief. |
| 1:09.6 | First up on the brief today, markets trying to stay optimistic. So what happened? For the past |
| 1:15.9 | few weeks, there has been a wave of vaccine optimism that has been buoying markets. Pfizer |
| 1:21.2 | and Moderna both claimed higher than 90% prevention rates with their vaccine trials. At the same time, however, COVID has continued to |
| 1:29.7 | tear through the U.S., bringing with it a new wave of lockdowns. New York City has closed |
| 1:35.4 | schools. The Midwest, in particular, is really hard hit. Kentucky, Minnesota, Wisconsin, Illinois, |
| 1:41.0 | have all adopted new lockdown measures. Many states and jurisdictions are |
| 1:45.4 | encouraging restrictions on gatherings for Thanksgiving. And of course, Thanksgiving is potentially |
| 1:50.8 | the Tinderbox when it comes to accelerating another wave of infections. Basically, what's happened |
| 1:56.2 | is that in the last few days, stocks have been choppy, and really what the markets are trying to figure |
| 2:01.5 | out is the balance of optimism around vaccines for the long term with the continued short-term |
| 2:07.1 | reality. One market strategist at JP Asset Management put it like this. Markets are grappling |
... |
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