Resignation but still committed to promotion! Former OCC Chief Economist: Today's cryptocurrency may be daunting, but tomorrow it could be highly anticipated

Despite stepping down as Acting Comptroller of the Currency at the OCC last week on 1/14, Brian Brooks remains active on Twitter discussing the future development of cryptocurrency, stablecoins, and DeFi. Despite the recent negative regulatory sentiment, he remains optimistic about the future and plans to return to work shortly after a brief vacation.

Empowering People in the Financial System

Brooks released a series of tweets, starting with his perspective that establishing regulatory frameworks is one of the purposes of the government, and that the government should expand the limits of freedom rather than restrict it. He stated:

Banks and financial institutions should provide products and services based on public demand, what people want, and are willing to pay for. However, some institutions subjectively determine the right and wrong of public opinion and try to resist these views and choices of the public.

Therefore, power and interests encompassed by the government and institutions should be returned to the people through an open financial system.

The U.S. Will Ultimately Take the Lead

Brooks first questioned why only banks have the authority to dominate payment systems, not fintech companies or anyone else. Europe has clarified this, so why can't the U.S.?

However, he remains very optimistic about the dynamic and adventurous nature of the U.S., believing that the U.S. will ultimately take the lead and succeed. He pointed out:

Success comes from disruptive thinking, a type of thinking that may be fearful today, but highly anticipated and even necessary tomorrow.

Why Do We Need Cryptocurrency?

Brooks listed the areas he vigorously advocates for. Why do we need cryptocurrency? Because the narrow money supply of M1 will skyrocket.

Why do we need DeFi? Because some banks are starting to tell the public what they can or cannot do with their money.

Why do we need stablecoins? If we want the U.S. dollar to remain competitive and continue as the global mainstream medium of exchange, then we need it.

Why do we need non-bank savings institutions? If we want the economy to grow and consumers to be protected, then we need them.

Brooks concluded with his well-wishes and mentioned he will return after a brief break. Although serving as Acting Comptroller of the Currency for only eight months, Brooks, who actively promotes the adoption of cryptocurrencies, has established a friendly image as a regulator in the crypto community that is indelible and action-oriented.

Blake Paulson, the former COO of the OCC, has become the new Acting Comptroller of the Currency, while Brooks has not yet revealed his latest whereabouts.