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Trump nominates Brian Brooks for full five-year term as U.S. Comptroller of the Currency

President Donald Trump nominated Brian Brooks, who currently serves as the acting Comptroller of the Currency, to a full five-year term on Tuesday.

The nomination was included in a raft of nominations released by the White House. Brooks took over the Comptroller’s office in May after the departure of Joseph Otting. Otting first took office in November 2017.

To assume a five-year term, Brooks will have to receive approval in the U.S. Senate. Congress entered a lame-duck period following the presidential election earlier this month, and a new session of Congress begins on January 3.

Brooks, a former chief legal officer for Coinbase, has pursued a number of policy initiatives on the digital asset front since assuming office. Most notably, his office published guidance for national banks that allows them to hold custody of cryprocurrencies as well as funds for fiat-backed stablecoin issuers.

But Brooks’ work on digital issues has drawn some criticism. Earlier this month, a group of House Democrats issued a strongly-worded letter to Brooks in which they lambasted him and his office for not focusing more on issues stemming from the COVID-19 pandemic. 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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