The Chair of the FinTech Task Force, Congressman Stephen Lynch (D-MA), who just introduced a bill for COVID-19 supplies to be tracked on a blockchain, stated he thinks it is ‘great’ that the former chief legal counsel of Coinbase, Brian Brooks, is now the Acting Comptroller of the Currency of the OCC.
When asked during a telephone interview how Acting Comptroller Brooks would balance the oversight of large federal banks with crypto alternatives, Lynch said “It’s just great. There are too many bankers and U.S. agency leaders that did not grow up with this stuff and are afraid of change, which is to our detriment.” Lynch had already asked his staff to reach out to Brooks’ team at the OCC to see what infrastructure would support the Acting Comptroller. “Maybe we can help get these financial markets to give this stuff a try,” said Lynch.
“How do we start pilot programs in a ‘sandbox-like’ environment, that we then scale up to a full sandbox?” pondered Lynch. In looking at new payments charters and crypto and blockchain regulations, Chairman Lynch sees Brooks as someone who gets the need for market innovations and competitiveness in our financial markets with the rest of the world. Last week, Brooks launched an Advanced Notice of Public Rulemaking for crypto and blockchain matters to receive public input on possible crypto regulations, due August 2.
FinTech Task Force Faster Stimulus And FedAccounts Hearing
In the phone interview, Lynch also commented on a hearing today called, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments.” Chairman Lynch said, “The unbanked is a segment of society where the gaps became evident with the rebate checks sent out,” as the direct deposits were sent out in a way that those most closely tied to the banking system received their COVID-19 payments first. The Chairman noted during the hearing that it had been 76 days since the CARES Act had been passed and there were still individuals who had not received their economic stimulus checks.
“It was good to ‘run the traps with the experts’ on a couple of proposals,” said Lynch. Regarding the idea of ‘FedAccounts’ that would deliver stimulus payments in real-time from the Federal Reserve to individual bank accounts, Lynch was more skeptical. The Chairman noted…