The Future of Finance: Blockchain Warriors and the Next Comptroller’s Vision

A New Era of Financial Oversight

As the curtain falls on Brian Brooks’s reign at the U.S. Office of the Comptroller of the Currency (OCC), his crystal-clear vision for blockchain in finance has stolen the spotlight. During his recent conversation with crypto analytics firm Elliptic, Brooks referred to the future of finance as something reminiscent of a fairy tale—if your fairy godmother happens to be a blockchain programmer.

Algorithms over Bankers?

One striking idea Brooks presented was the radical concept of issuing bank charters… to software! Yes, you heard that right. “Imagine a world where we’re granting charters to softwares as opposed to individuals,” he proclaimed. This approach, if realized, could shift the regulatory landscape significantly, putting algorithms under the OCC microscope instead of just human bankers.

The Inevitable Shift to Digital Finance

Brooks believes that, like information transformed over the past 25 years, finance is on a trajectory for a digital revolution. “My thesis is that the future of finance will go on the internet,” Brooks stated passionately. With his work advocating for a national charter for non-depository financial institutions, the agenda is clear: prepare our banking system to embrace the digital age!

The Chill of De-platforming

In a world increasingly hostile to free speech and financial mobility, Brooks also raised concerns regarding the chilling effect of political de-platforming seen on social media and payment platforms. He argued, “Crypto is about freedom. There is no CEO to deplatform.” Well, except for maybe the bots in the blockchain that keep the promises of decentralized finance.

A Fond Farewell to Brooks

Despite his groundbreaking thoughts and initiatives, Brooks acknowledged that his time at the OCC is drawing to a close with the transition of the Biden administration. “There will be another comptroller, and it won’t be me,” he assured. But fear not, for his vision might serve as a beacon for the new leadership, guiding them through the blockchain wilderness.