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#XRP Rabbit Hole Runs Deep in DC ( It Was Written ) Q3 ATH Get ready ( innovation lobbyist )

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7 Comments

  1. Brian Brooks "Imagine if we could distribute this aid through Ripple or through stablecoins of some kind or something else. Imagine if we had already implemented central bank digital currency and we could distribute this across a blockchain"

  2. Don't allowAllow

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    KOLLEN POST

    8 HOURS AGO

    New Head of US Bank Regulator Talks Bringing Crypto to DC With Cointelegraph

    New acting head of U.S. bank regulator talks about innovation expands financial inclusion and the government’s role in building frameworks for crypto.

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    INTERVIEW

    Days into his term as acting head of the Office of the Comptroller of the Currency, Brian Brooks spoke with Cointelegraph on how he hopes to update legacy systems with crypto technology.
    Brooks came to the OCC from a role runningCoinbase’s legal team only months ago, which informs a great deal of what he identifies as areas for improvement. He took charge of the OCC only seven weeks later upon the departure of Joseph Otting. 
    Regarding the role of crypto in conversations in Washington D.C., Brooks noted a sea change. The government is curious, which may partially explain his appearance on the scene.

    COVID-19 and archaic infrastructure

    The novel coronavirus and the subsequent rush to work remotely and transact digitally amplified the need for fintech, resulting in continuing conversations in Congress as well as among regulators. This was particularly obvious amid delays in COVID-19 direct aid payments.
    As Brooks described, banks had to rely on an archaic system to issue aid payments. Though he was impressed by the magnitude of the initiative, it was clear that this shouldn’t have to happen again:

    “The banks did a heroic job of trying to do that, and they eventually were able to do that, but they were trying to do so through a portal run by the Small Business Administration that was built on COBOL in the 80s. The programmers who were able to fix those bugs had to be called out of retirement to help fix them. It was a clunky system we had to work with.”

    Specific updates inspired by his time in crypto included central bank digital currencies, digital identity verification and the prospect of using XRP for aid:

    “What I heard from my friends in the crypto community was, imagine a future where instead of having to rely on all of those cobbled-together parts — a bank that was using legacy technology to underwrite a borrower couldn't do KYC because he wasn't a legacy customer. All of those pieces — Imagine if we could distribute this aid through Ripple or through stablecoins of some kind or something else. Imagine if we had already implemented central bank digital currency and we could distribute this across a blockchain instantaneously.”

    “The economy is built on financial infrastructure,” Brooks continued, moving on to the theme of the unbanked: “A lot of that financial infrastructure is very old legacy stuff designed to do certain things for certain kinds of customers. And the truth is, certain types of customers have been left behind.”

  3. My apologies my brother CKJ, been working and haven't had a chance to see you like BUT I don't miss a show from my brother CKJ the king of green stream. Much love and keep it coming my brother

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