Brian Brooks, the current controller of the US foreign exchange market, is optimistic about the development of the DeFi and blockchain market. He believes that it will be easier for regulators to work with algorithms than with bankers. He added that he believes that DeFi technology can eradicate certain biases and eliminate all kinds of fraud that we see in the traditional banking market today Brian Brooks a DeFi In an opinion piece published in the Financial Times on Tuesday, Acting Comptroller of the Currency Brian Brooks outlined the need to "reconfigure banking regulation for the age of algorithms." Brooks, who now heads the Office of the Comptroller of the Currency, compared existing banking regulations with those of traffic. He then used the analogy of autonomous cars to explain how markets are changing. - Just as the original traffic regulations protected us from other drivers, our current banking regulations are primarily designed to prevent human failure, Brooks said. Overall, he's confident that banking regulators are capable of changing their tools, learning how to use algorithms in terms of fighting fraud, which he says will ultimately prove easier than trying to root out the same problems with "human" bankers. - Can we usher in a future where we eliminate errors, stop discrimination, and ensure universal access for all? Optimists like me think so. How different would banking be in the United States today if regulators, bankers and policymakers were as bold as automakers were 10 years ago? - he added. Former Coinbase expert Brooks is a former leader of the Coinbase exchange's legal team. From the beginning, he was a leading advocate for integrating crypto technology into the nation's payments system. Under his watch, for example, the authority he controls recently authorized national banks to launch stablecoin-based payments and hubs. Brooks has also advocated for the introduction of a national charter for non-depository institutions, specifically aimed at allowing fintech companies to obtain national licenses instead of having to go through verification in every state in the U.S. Tags blockchain adoption Brian Brooks DeFi
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