Critical step for Bitcoin: Trump nominates Brian Brooks

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Donald Trump made a decision concerning Bitcoin and cryptocurrencies in the last months of his presidency. Trump recently nominated Brian Brooks, the name that allowed banks to store cryptocurrencies, to head the Currency Supervisory Authority for another 5 years.

A critical move came from Donald Trump, perhaps late in his presidential time. Trump nominated Brian Brooks, the head of the Currency Supervisory Authority (OCC), to hold this post for another 5 years. Brooks is seen as a positive attitude towards cryptocurrencies.

Brooks’ nomination was on a list of candidates nominated by the White House for other institutions. Brooks received this post in May from Joseph Otting, who has been the head of the organization since 2017. The approval of the Senate is also required for Brooks to continue this duty. However, the chaos of the presidential elections, which started on November 3, is still not over, and the operation is hampered. The Congress is expected to meet on January 3 at the earliest.

Allows banks to cryptocurrency

Brooks, former CEO of Coinbase, has not neglected to make some changes in digital assets since he became president of OCC. The most important of these was that it paved the way for national banks to store cryptocurrency and fiat-backed stablecoins.

However, following this move, Brooks also received various criticisms, especially from the Democratic wing. The harshest criticism made to the president of the OCC was that he did not deal with the problems brought by the coronavirus pandemic. The Democrats also sent Brooks a letter criticizing him.

See Also
Bitcoin (BTC) Price Analysis: September 4, 2020

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