Tuesday, January 19, 2021
  • Home
  • Crypto
  • Bitcoin
  • Ethereum
  • DeFi
  • Crypto Laws
  • Market
No Result
View All Result
  • Home
  • Crypto
  • Bitcoin
  • Ethereum
  • DeFi
  • Crypto Laws
  • Market
No Result
View All Result
No Result
View All Result
Home DeFi

OCC's Brian Brooks thinks that DeFi can root out bias and fraud in conventional banking

by Bitcoinearn
January 12, 2021
in DeFi
OCC's Brian Brooks thinks that DeFi can root out bias and fraud in conventional banking

In an opinion piece printed within the Monetary Occasions on Tuesday, Appearing Comptroller of the Foreign money Brian Brooks put ahead the necessity to reconfigure banking rules for an age of algorithms. 

Brooks, who presently leads the Treasury’s Workplace of the Comptroller of the Foreign money, in contrast current banking rules to visitors legal guidelines. He additional used the analogy of self-driving vehicles for brand spanking new steps in decentralized finance. “Simply as the unique guidelines of the highway protected us from different drivers, so our present financial institution rules exist primarily to forestall human failings,” wrote Brooks.

The general tone of Brook’s letter is assured that banking regulators are able to retooling, of studying tips on how to appraise algorithms for bias and fraud — which he says will in the end show easier than making an attempt to root those self same points out of human bankers. Brooks concludes:

“Might we usher in a future the place we get rid of error, cease discrimination, and obtain common entry for all? Optimists like me suppose so. How completely different would banking within the US be right this moment if regulators, bankers, and policymakers had been as daring as carmakers 10 years in the past?”

The OCC charters and directs nationwide banks. Previously the chief of Coinbase’s authorized workforce, Brooks has been a serious proponent of integrating crypto expertise into the nationwide funds system. Beneath his watch, the OCC just lately licensed nationwide banks to run stablecoin funds and nodes. 

Brooks has equally been a proponent of a nationwide constitution for non-depository establishments, particularly aimed toward giving fintech corporations an opportunity at nationwide licensing moderately than having to undergo every state within the U.S. Close to the top of December, nevertheless, state regulators struck again with a lawsuit deriding what they name the OCC’s “non-bank constitution” as an overreach of federal energy. In right this moment’s opinion piece, Brooks might have been referring to those points with state regulators when he wrote that:

“There may be additionally a threat that, within the absence of federal regulatory readability, US states rush to fill the void and create a patchwork of inconsistent guidelines that impede the orderly improvement of a nationwide market.”

Whereas President Trump nominated Brooks to be the complete Comptroller again in November, the Senate by no means moved ahead on his nomination. With the brand new administration taking on subsequent week, Brooks’ continued tenure on the OCC appears dependent upon a Biden nomination. 

ShareTweetShare

Related Posts

Binance Coin (BNB) hits a brand new all-time excessive someday earlier than its token burn
DeFi

Binance Coin (BNB) hits a brand new all-time excessive someday earlier than its token burn

January 18, 2021
3 the explanation why the value of Curve DAO Token (CRV) tripled in every week
DeFi

3 the explanation why the value of Curve DAO Token (CRV) tripled in every week

January 18, 2021
SBF leads $50M funding spherical to carry DeFi to  Maps.me's 140M customers
DeFi

SBF leads $50M funding spherical to carry DeFi to Maps.me's 140M customers

January 18, 2021
Core contributors, traders debate Yearn token mint
DeFi

Core contributors, traders debate Yearn token mint

January 18, 2021
Hedge fund predicts $115K Bitcoin value and the autumn of ‘speculative’ altcoins
DeFi

Hedge fund predicts $115K Bitcoin value and the autumn of ‘speculative’ altcoins

January 17, 2021
Why DeFi plus asset tokenization will take crypto to new heights
DeFi

Why DeFi plus asset tokenization will take crypto to new heights

January 17, 2021

Most Read

Right here’s how institutional buyers ignited Bitcoin’s rally to $40,000

Right here’s how institutional buyers ignited Bitcoin’s rally to $40,000

January 15, 2021
Decentralised finance calls into query whether or not the crypto business can ever be regulated

Decentralised finance calls into query whether or not the crypto business can ever be regulated

January 8, 2021
Ethereum is On the Brink of Setting Contemporary All-Time Highs as Bulls Take Management

Ethereum is On the Brink of Setting Contemporary All-Time Highs as Bulls Take Management

January 16, 2021
Why is Bitcoin’s value at an all-time excessive? And the way is its worth decided?

Why is Bitcoin’s value at an all-time excessive? And the way is its worth decided?

January 8, 2021
Bitcoin: why the value has exploded – and the place it goes from right here

Bitcoin: why the value has exploded – and the place it goes from right here

January 8, 2021
What’s DeFi and why is it the most well liked ticket in cryptocurrencies?

What’s DeFi and why is it the most well liked ticket in cryptocurrencies?

January 8, 2021
  • Home
  • Crypto
  • Bitcoin
  • Ethereum
  • DeFi
  • Crypto Laws
  • Market

Copyright © 2021 Earn Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Crypto
  • Bitcoin
  • Ethereum
  • DeFi
  • Crypto Laws
  • Market

Copyright © 2021 Earn Bitcoin | All Rights Reserved

bitcoin
Bitcoin (BTC) $ 36,718.00 1.83%
ethereum
Ethereum (ETH) $ 1,313.66 6.05%
tether
Tether (USDT) $ 0.997939 0.12%
polkadot
Polkadot (DOT) $ 16.28 8.47%
ripple
XRP (XRP) $ 0.288365 3.69%
cardano
Cardano (ADA) $ 0.365812 6.46%
litecoin
Litecoin (LTC) $ 155.28 8.00%
bitcoin-cash
Bitcoin Cash (BCH) $ 514.14 5.76%
chainlink
Chainlink (LINK) $ 21.61 7.24%
stellar
Stellar (XLM) $ 0.302796 0.73%
binancecoin
Binance Coin (BNB) $ 44.93 3.06%
usd-coin
USD Coin (USDC) $ 0.996772 0.38%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 36,739.00 1.89%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 206.98 1.00%
monero
Monero (XMR) $ 154.01 2.73%
eos
EOS (EOS) $ 2.81 1.17%
aave
Aave (AAVE) $ 201.09 7.13%
cosmos
Cosmos (ATOM) $ 9.55 4.56%
tron
TRON (TRX) $ 0.031291 2.71%
tezos
Tezos (XTZ) $ 2.92 4.03%
havven
Synthetix Network Token (SNX) $ 16.03 3.01%
nem
NEM (XEM) $ 0.240016 5.75%
theta-token
Theta Network (THETA) $ 2.03 0.75%
uniswap
Uniswap (UNI) $ 9.16 3.36%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.084796 6.52%
vechain
VeChain (VET) $ 0.029789 8.13%
neo
NEO (NEO) $ 26.91 12.64%
okb
OKB (OKB) $ 6.81 2.03%
celsius-degree-token
Celsius Network (CEL) $ 4.79 2.08%
compound-ether
cETH (CETH) $ 26.35 6.32%
dai
Dai (DAI) $ 0.998543 0.21%
compound-usd-coin
cUSDC (CUSDC) $ 0.021440 0.16%
leo-token
LEO Token (LEO) $ 1.40 0.22%
iota
IOTA (MIOTA) $ 0.461211 5.92%
maker
Maker (MKR) $ 1,405.40 2.12%
dash
Dash (DASH) $ 127.73 2.57%
huobi-token
Huobi Token (HT) $ 6.14 12.50%
dogecoin
Dogecoin (DOGE) $ 0.009125 0.13%
binance-usd
Binance USD (BUSD) $ 0.997287 0.35%
yearn-finance
yearn.finance (YFI) $ 37,348.00 4.33%
zcash
Zcash (ZEC) $ 103.43 2.16%
filecoin
Filecoin (FIL) $ 23.70 2.94%
solana
Solana (SOL) $ 3.80 0.19%
ftx-token
FTX Token (FTT) $ 10.86 5.71%
avalanche-2
Avalanche (AVAX) $ 12.51 4.05%
sushi
Sushi (SUSHI) $ 7.49 4.70%
kusama
Kusama (KSM) $ 104.99 1.00%
compound-governance-token
Compound (COMP) $ 227.85 4.97%
ethereum-classic
Ethereum Classic (ETC) $ 7.92 2.24%
zilliqa
Zilliqa (ZIL) $ 0.077077 3.18%