Coinbase's Chief Legal Officer is leaving his post to work with the US government.
At a time of economic uncertainty, Brian Brooks, Coinbase's Chief Legal Officer, publicly resigned from the company and is now moving on to serve the US government as the Chief Operating Officer and First Deputy Controller of the OCC. According to With the Office of the Comptroller of the Currency (OCC), Brooks' new position will take effect on April 1, 2020.
The appointment was made by the current OCC Secretary of the Treasury, Steven T. Mnuchin, stating that Brooks, "He is a strong leader with extensive experience in the financial services sector". As part of his extensive experience, Brooks has served as General Counsel at Coinbase since September 2018, and previously held the position of Executive Vice President, General Counsel and Corporate Secretary of the Federal Mortgage Association of America, often referred to as Fannie mae
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According to Comptroller of the Currency Joseph M. Otting, Brooks is a visionary thinker. With his experience, he already has a deep understanding of how the financial industry works in conjunction with the nation’s prosperity. In addition to this, Brooks also holds a law degree from the University of Chicago, as well as a bachelor’s degree in government from Harvard. This, combined with his past experience, makes Otting believe that “[the OCC] is fortunate to attract such an experienced and talented individual to join our federal agency.”
In addition to this, Brooks will also be retiring from the board of directors of Fannie Mae and Avant, where he served since March 2019 and 2017, respectively. He will replace former First Deputy and Chief Operating Officer Morris Morgan, who has announced his retirement, scheduled for late April, once Brooks has been fully sworn in. “Morris Morgan has dedicated his career to improving this agency and promoting the safety and soundness of the federal banking system.”Comptroller Otting said. “We will miss his voice and leadership on the agency’s Executive Committee and wish him the best.”
In the past, Brooks has advocated that the United States government needs to design its digital currency, similar to Bitcoin. This has left many wondering if a new US-based cryptocurrency could be on the horizon in the near future. Regardless, Brooks's new designation comes at a time when the US economy could use whatever help it can get.
