Possibility of increasing digital dollar? U.S. Treasury Secretary appoints former Coinbase Chief Legal Officer to key role in currency regulatory agency

After the cryptocurrency market crash on March 12, the leading U.S. exchange Coinbase did not slow down its development. In addition to integrating its issued debit card, Coinbase Card, with Google Pay, the former Chief Legal Officer of Coinbase, Brian Brooks, will join the U.S. Department of the Treasury's Office of the Comptroller of the Currency (OCC) as the Chief Operating Officer.

• Brian Brooks has long been a supporter of digitalizing the US dollar
• Coinbase continues to promote widespread adoption of Coinbase Card

The Office of the Comptroller of the Currency (OCC) was established in 1863 and serves as the regulatory body for national banks and federal savings associations in the United States, overseeing banks engaged in risky behavior according to its regulations.

Following his departure as Chief Legal Officer of the major US cryptocurrency exchange Coinbase, Brian Brooks will assume the role of Chief Operating Officer and First Deputy Comptroller at the OCC.

Previously, US Treasury Secretary Steven Mnuchin referred to cryptocurrencies, including Bitcoin, as a significant source of illicit activities such as cybercrime, tax evasion, ransomware, malware, illegal drugs, and human trafficking, with funds totaling billions of dollars and implicating national security concerns.

Brooks' involvement in the US banking regulatory system could potentially increase the likelihood of the US issuing a Central Bank Digital Currency (CBDC). In an article published in Fortune magazine in November 2019, Brooks stated that the era of tokenizing the US dollar is inevitable.

According to a press release from the OCC announcement, Brooks will assume the role of Chief Operating Officer starting April 1st.

In the past, major exchanges worldwide have often poached government talent and executives from financial giants for publicity. With governments advancing in digital finance development and regulatory needs, experienced individuals in the crypto industry are now moving towards government positions.

Introducing Google Pay

Coinbase also announced today on its official Blog that it has integrated Coinbase Card with Google Pay, allowing users to make crypto payments with smartphones and smartwatches.

According to Statista, Google Pay is expected to increase its user base from 39 million in 2018 to 100 million in 2020, closely following Apple Pay with 227 million users.

Coinbase has been actively promoting its Coinbase Card this year, having recently obtained major membership status from Visa on February 20th. Today's announcement of integration with Google Pay further solidifies Coinbase's intention to push Coinbase Card into mainstream adoption, with plans to expand to European countries in the latter half of the year.

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• Coinbase gains major membership status with Visa, driving cryptocurrency financial cards into the mainstream
• Coinbase makes strategic moves, recruits former Google Product VP, launches international custody services