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Acting Comptroller Of The Currency Brian Brooks Calls For Regulatory Updates In The Era Of DeFi
Summary: Acting Comptroller of the Currency Brian Brooks voiced the need to reconsider banking regulations in the digital age in an opinion piece publishing with the Financial Times on Tuesday. Brooks highlighted that current banking regulations exist mainly to prevent human failings, but that in the era of decentralized finance new rules will need to be ...
Acting Comptroller of the Currency Brian Brooks voiced the need to reconsider banking regulations in the digital age in an opinion piece publishing with the Financial Times on Tuesday.
Brooks highlighted that current banking regulations exist mainly to prevent human failings, but that in the era of decentralized finance new rules will need to be introduced. Brooks' letter conveys confidence that regulators will be able to learn how to apraise algorithms for bias and fraud.
"Could we usher in a future where we eliminate error, stop discrimination, and achieve universal access for all? Optimists like me think so. How different would banking in the US be today if regulators, bankers, and policymakers were as bold as carmakers 10 years ago?" Brooks wrote.
By Emily Mason
Tags: Brian Brooks,Decentralized Finance,DeFi,OCC,Regulation
Link: Acting Comptroller Of The Currency Brian Brooks Calls For Regulatory Updates In The Era Of DeFi [Copy]
