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In a opinion piece Brian Brooks, Acting Comptroller of the Currency, published Tuesday in the Financial Times, the need to reconfigure banking regulations for an age of algorithms.

Brooks, who currently heads the Treasury’s Office of the Comptroller of the Currency, compared existing banking rules to traffic laws. He also used the analogy of self-driving cars for new steps in decentralized financing. “Just as the original rules of the road protected us from other drivers, our current banking rules are primarily designed to prevent human error,” Brooks wrote.

The general tone of Brook’s letter is convinced that bank regulators are able to reshape, learn how to assess algorithms for bias and fraud – which he believes will ultimately prove easier than trying to solve those same problems in human bankers. rowing. Brooks concludes:

“Can we usher in a future where we eliminate errors, stop discrimination and achieve universal access for all? Optimists like me think so. How different would the US banking industry be today if regulators, bankers and policymakers were as brutal as car manufacturers for 10 years. ago?”

The OCC charters and manages national banks. Brooks, formerly the leader of Coinbase’s legal team, has been a strong advocate of integrating crypto technology into the national payment system. The OCC has recently taken under his wing authorized national banks to perform stablecoin payments and nodes.

Brooks has similarly been in favor of a national charter for non-depositors specifically designed to give fintech companies a chance for national licensing rather than having to go through every state in the US. Late December state regulators hit back with a lawsuit deriding what they call the OCC’s “non-banking charter” as an overrun of federal power. In today’s op-ed, Brooks may have referred to these issues with national regulators when he wrote that:

“There is also a risk that, in the absence of clarity on federal regulations, US states will rush to fill the void and create a patchwork of inconsistent regulations that hinder the orderly development of a national market.”

While President Trump Brooks nominee to be the full controller in November, the senate never went ahead with his nomination. With the new government taking over next week, Brooks’ continued tenure at the OCC appears contingent on a Biden nomination.