Brian Brooks, who was previously the CEO of Binance.US and the acting Comptroller of the Currency (OCC), has been considered for several management positions under the Trump administration. Brooks was not considered for a position at the CFTC, but he may lead other financial agencies.
Since this announcement was made, the betting odds at Kalshi in the US have placed Brooks in second place for the next SEC Chairman.
Trump's Appointment of Brooks
According to Fox Business journalist Eleanor Terrett, Brooks' name has been included on the list for various roles at financial agencies. It is increasingly likely that Brooks will play a significant role in the financial regulatory system during Trump's upcoming term.
Under Brooks' leadership, the OCC fined several major centralized institutions in 2022, including giants like JP Morgan Chase, Morgan Stanley, and Wells Fargo Bank. However, Brooks is a strong supporter of cryptocurrencies and a vocal advocate for XRP.
"In addition to the CFTC, other financial regulatory agencies include the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve," said Terrett.
Since John Thune became the new Senate Majority Leader, the community has expected an enhanced role for cryptocurrency regulation from the CFTC. Trump has begun a concerted effort to realign US agencies towards being more crypto-friendly, and this effort involves multiple agencies. The SEC and CFTC are the most prominent, but the other agencies mentioned also have significant influence.
For example, the FDIC has previously denied insurance for crypto assets, complicating the business operations of exchanges and other enterprises. Conversely, the Federal Reserve is responsible for interest rate cuts, which have recently had a positive impact on Bitcoin. Having an industry ally like Brooks leading one of these agencies could bring significant benefits.
Additionally, Brooks may still be nominated as Trump's new SEC Chairman. The crypto-critical Gary Gensler is likely to resign from the SEC soon. His replacement could be a crypto-friendly individual. However, Brooks' name did not appear on the final shortlist for the SEC Chair. Nevertheless, since this announcement, his odds at Kalshi have risen to the second position.
Kalshi's betting odds for Brooks as Trump's next SEC Chair. Source: KalshiUltimately, Brooks is just one of many crypto-friendly candidates that Trump is considering for prominent roles. He will be part of a larger wave, whether he ends up at the SEC, returns to his previous position at the OCC, or any other major agency.
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