21 Burst results for "Brian Brooks"
"brian brooks" Discussed on Bloomberg Radio New York
"This week. We talked a lot about the world Post pandemic. It's all part of the how to issue of the magazine. Everything from how to be a better tipper and land a mission on Mars two, creating an innovative culture and making a great tequila. You can read more about all of that. In the current issue of Bloomberg Business Week. I've been thinking about how to land a mission on Mars. I want to know you don't get practicing. You could also hear some of the highlights from our live virtual event this week called the Bloomberg Business Week that complemented the issue, including Turn around that we work with executive Chairman Marcelo Claure. Also Atlanta Fed President Raphael Bostic on the U. S Central Bank, kind of maybe sort of thinking about a policy shift. He also talked about Bitcoin. He did, as did Cathy would an in depth conversation with the Ark. Invest founder CEO CEO in the midst of a wild week for Cryptocurrency. We'll also hear from a Brian Brooks this issue of by Nance. That's the largest Cryptocurrency exchange in the world. That company also in the news as of late and then later. On Dallas Mavericks CEO Cynthia Marshall and singer songwriter Nick Jonas, who's working on a new tequila venture with John Barr. Vada That's a fun one. Yes, itwas Let's get things started this hour with more on the how to issue from the features editor behind it all. Brett Begin, who joined us, along with Bloomberg Business Week editor Joe Weber. It is a 40 page takeover of the future. Well, we call it Breath is the mastermind of the issue on Brett. Just talk to me about how you approach what a good how to story is, I think you think about the issue as a whole. So while we are gonna want to hit Lot of the topics that were hitting week in and week out like how to make good investments and things like that. You have to also sort of a single little bit more broadly, so you might get a pitch on something. That for a regular issue might not make too much sense, like they had a shop for a classic car outside of Thera Pursuit section, But family within the how to issue starts to make total sense because Script for that makes you really want people to come to the issue and really get that sense of serendipity that they're stumbling upon something that they didn't think would be that interesting to them, And it turns out to be pretty fascinating. So you're telling me a normal times to compile a post pandemic? Carrie Okey playlist that Joel wouldn't be like. Yeah, Yeah. Okay. Cover story. I'm always don't want to put that on the cover of I'm all for it. Cario to take over issue so loud, But yeah, but you're a girl. I mean, that's that's one where you know we looked at. Okay. How will you know is the pandemic is over for you, right? And for Sam Robards, it was Hey, when I could do carry, okay, we figured one up together the ideal post pandemic carrier..
"brian brooks" Discussed on Bloomberg Radio New York
"It's certainly been a wild ride, You know, ostensibly he's been on team Bitcoin. But then, of course, coming out and saying things that are very critical. S o. You know, I think people you know, are really spooked by that, Andre. That's certainly part of the reason the market has the jitters, but certainly not the sole reason. So Nick. There are certain permanent aspect of crypto of Big Point and the cycle The volatility is here to stay doesn't seem to be going away. Another phenomenon seems to be that as the price goes up a lot. Suddenly the industry starts creating and Schilling various all coins and saying, like Bitcoin by a theory, um, like a theory and by ripple like by ripple. By dollars Coin. How much does that natural effect this sort of like impulse on the part of people in the space to offer up a new coin today for people to sell. Sort of have the effect in your view of eventually sort of sapping price momentum overall. Yeah, That's the various two point, Joe. I very much agree that that supply response that comes its extrinsic to Bitcoin. We see the creation of duplicates and alternatives and competitors the same way that You can imagine, you know, Nicola Stark absorb some of the demand For Tesla, For instance, that's totally feature of the asset class. It's actually one of the ironies. Of course, Bitcoins supplies perfectly. An elastic But the supply of sort of Bitcoin substitutes eyes not and I expect that to always be the case. I mean, in this stage of sort of the economic cycle, there's always going to be entrepreneurs creating alternatives catering to that market for new It was sort of Bitcoin alternatives and things like that. So that's always been the case in the industry since around 2011, and I don't see it stopping any time soon. So Nick or factors do you expect to see driving either the next rally or the next slide? Because you know we're still waiting for the Biden administration to make some decisions about how it's going to regulate. Crypto currency, and we don't know what direction they're going to take. That's right. I think administrative regulatory factors are actually really key here and potentially underappreciated in the markets. We're already hearing rumblings from the office of the Comptroller of the Currency. They're potentially revisiting some of those favorable rulings that Brian Brooks put in place with regards to banks being able to custody Crypto. That's possible we get a new controller that is much more hostile. To the industry and unwind some of those favorable moves. I think the SEC has the potential to be much more activist on much more direct and its engagement, a lot of crypto folks hope and expect that the SEC will be very accommodating. There's no guarantee that that will be the case. Certainly there's you know, Justus many tokens is there were in 2017 Justus. Many new issuances of you know some potentially questionable tokens. Frankly, I expected against Laura CC to have a view on that. On. So those regulatory, you know, moves my wall posts headwinds here at the end of the day. I think the key Megatron tears of course. You know the macroeconomic environment. Whether we get you know whether inflation is just transitory, or if it is more sustained on whether we get things like yield curve control and monetary repression here, Nick real quickly..
Stablecoins in the Hot Seat: Powell Calls Bitcoin a Substitute for Gold
"There was an absolute flurry of content and commentary yesterday around the place of bitcoin. Stable coins defy and the digital asset industry as a whole vis-a-vis. Us government regulation as well as how a digital dollar might shake that all up before we get into it. Let's at the terms of the debate. One of the competitors for this cycles top fudd is the government will ban it if it gets sufficiently threatening now to be clear banning depending on your sister could mean anything from an outright ban of use in holding too forceful seizure too limiting access to on and off ramps to the more benign from a commercial standpoint but no less threatening from a privacy standpoint integration of the full crypto infrastructure into the am l. kyc. Money surveillance apparatus. I've spent some time on this show looking into global versions where this fudd seems to be playing out in particular. We've been watching the evolving situation in india and nigeria india which seems gearing up for a bill that would have some sort of outright ban although at least one finance minister says that that's not the case and nigeria. Where the central bank of nigeria. I reiterated that banks should not be working with crypto users which they've then subsequently rolled back just a little bit either way however really what everyone has been focused on is the us particularly in the context of a new administration. The last administration had friends and foes alike when it came to bitcoin and crypto trump. Famously tweeted that he did not like bitcoin or crypto. But we didn't really take that seriously as a threat because it was so clearly about zuckerberg and libra mnuchin was a much bigger enemy. Probably wrote that text for trump's tweet even and clearly wanted to tighten the reins in his final act. He was trying to require exchanges to collect more information. When users transferred crypto to their own wallets on the flip side however there was brian brooks who was absolutely revolutionary at the office of the comptroller of the currency. The changes he oversaw are a huge reason. Why so many big institutions are now playing in this space. Why so many big traditional banks feel like they have to race to catch up to allow people to offer their customers crypto services however as we know from physics every action has a reaction and to some extent one reason why observers are so keenly watching the biden administration is to see how much they're going to respond or try to walk back with brooks in the occ changed on top of that. As the biden administration has come to power the price and volume around bitcoin stable coins and the rest of the digital asset industries have made them much more on ignore -able last time joe biden was in office. Bitcoin is about four hundred and thirty bucks. Now it's been over fifty thousand dollars for sixteen days in a row tether was barely out of diapers now. It has a market supply above forty billion in his doing upwards of one hundred billion dollars in volume per day combined with us dc. And you've got over. Fifty billion dollars of usd approximates there so lot more is at stake with that. People have been watching. Two things has come in and what they're saying on the who has come inside. Janet yellen is back for another round although this time is treasury secretary rather than as he chair gary genzer to is back. Although this time is as he c- chair. Instead of cftc chair of these two there is much more optimism around gessler who has done a pretty fair bit of work to understand where the crypto industry is coming from even teaching a course at mit about bitcoin and blockchain. And of course we have someone who still around in the form. Of jay powell. The federal reserve chairman. His ex factor. And all these discussions is the potential of a central bank digital currency a digital dollar. That could potentially shift the us's relationship with these projects now in terms of what we've seen these actors say so far over the last few months up until now it's been pretty standard fare one part. There's a lot of exciting potential here. One part we have to protect investors though and one part but it's also used by criminals over the last couple of days however we've gotten both comments and news that could shift as into our next phase of understanding what the us is relationship with. Bitcoin stable coins and other digital assets is going to look going forward. So let's talk about powell speaking about cdc's and cryptos at a bank for international settlements panel yesterday. Let's talk about the announcement of digital dollar prototypes coming this summer. And let's talk about new draft fat. If guidelines around cryptocurrencies. I up powell. Did a session yesterday with leaders from the bank for international settlements including augustine carstens. We talked about last week. He was asked about crypto currencies. And whether he saw them as a threat. And here's what he said. We call them crypto assets. You know. they're they're highly volatile. See bitcoin and therefore not real useful as a store of value in there not backed by anything. They're more of an asset for speculation. So they're also not particularly in use as a means of payment. It's more speculative asset. That's it's essentially a substitute for gold rather than for the dollar. And i think with crypto acids the the the public needs to understand the risks. The principle thing is there's the volatility there's also the outsized energy requirements requirement for for mining. And the fact that they're not backed by anything so let's break out these three reasons that he wasn't particularly impressed by cryptos. I this idea of volatility or that. It's just an asset for speculation. Basically he's dismissing bitcoin and any other crypto as something that he does not have to stress about or really factor into his consideration around global monetary competition while many. Bitcoin is grabbed onto the essentially a substitute for gold piece as a great tweet and knocked to the gold bugs. Who they're trying to convert or at least undermined powell was saying this more. Like a giant shooing away. A fly gold is to him clearly. Irrelevant an unimportant antiquated part of the fiat system that he sits at the helm of in that way a substitute for that thing does not present a threat
"brian brooks" Discussed on Bloomberg Radio New York
"That guidance speeding the average analysts estimate shares up by 1.6% on that, Kevin Bloomberg Business Flash. Thank you, Charlie. My name is Kevin. So really, I am the chief Washington correspondent for Bloomberg Television. And for Bloomberg Radio. I'm accompanied by none other. Excuse me. In our Bloomberg politics contributor. Rick Davis. Ric Let me clear my throat there. Sorry about that, and we're joined by Congressman Andy Barr of Republican from Kentucky six congressional district Congressman Thanks for joining us. I want to play for you. Some sound on the economy from Perata. Rama Murti. He's the deputy director of the National Economic Council, and he spoke with my friend, My mentor. Tom Keen earlier today on Bloomberg surveillance about the corporate tax rate and how President Biden wants a higher corporate taxes and relief for families that earn $110,000. For their families. Take a listen to the sound on this congressman, and then I want to. I want to get your response. A teacher and a nurse who collectively make $110,000 deserve relief. And what we've seen in the data is that families with that kind of profile have suffered. It's important to remember that, according to the latest data, and one in seven American families reported going hungry during the pandemic. There's a lot of me that's very widespread feed. So Congressman Andy Barr, should there be higher corporate taxes? Is that going to help the U. S economy? Kevin. Thanks for having me on and absolutely not. Your guest obviously, is right that middle income Americans and two income earning families do need and deserve tax relief. They need economic opportunity. But reversing the successful tax cuts from a few years ago would not help middle income families, in fact, what we saw as a result of the trump tax cuts. Was basically a raise for most middle income Americans in the form of higher pay on in the form of economic growth of lead, toe raises and of course, those tax cuts. Also reduced the income taxes for those individuals, But I would just argue strenuously that Increasing the corporate tax rate, making American businesses and employers less competitive is not a recipe for higher wages or salaries for middle income Americans. And if you really look at the details of what President Biden, his administration and Democrats in Congress were proposing, it's not just to raise the corporate income tax. Which would be very negative for workers. But it's also to not repeal some of the papers that were included in tax reform, and that would be even more punitive on employers and results in A more difficult situation for workers in terms of their upward mobility. Well, look, I think communication is key here, and this is a somewhat difficult question to ask. But let me ask it last week, I had Senator Elizabeth Warren on the program and she is proposing paying for a lot of these. Types of policies and infrastructure, for example, by taxing billionaires by raising taxes on the ultrawealthy, you know, are you and I take it. You're not in favor with that. So how do you raise this money? It seems that Democrats are saying Let's raise taxes. Okay. If you can't raise the money to raising taxes, how you gonna do it? It's really not a surprise that after spending a massive $1.9 trillion and now astonishingly proposing even more spending that now Was an epiphany among Democrats, so we need to raise taxes, and they like to talk about raising taxes only on the wealthy. But even if you tax the wealthy 100% would even come close. Paying for this massive spending spree on by a spending straight that less than 10% of it actually went to Kobe. It response. It's really more of a fiscally reckless liberal wishlist. Look, what I think we need to do in this country is exercise and spending restraint and allow the Americans Taxpayer to keep Maura of what they earn. And, um and and when, when the Democrats talk about raising taxes only on the wealthy, um First of all, you know, that's more of a comment about punishing success. But but more to the point middle income families better watch their wallet because they're not going to be able to pay for all of the spending just by raising taxes on the wealthy are corporations, Middle income Americans. Mark my words middle income Americans are in the crosshairs. Off this Democrat Congress and this Democrat administration. This is Rick Davis. Thank you for being on the program today, Congressman. I want to ask you to about Janet Yellen's conversations with other countries about potentially trying to find a, um um, some some kind of a compromise on corporate taxes. Have you had any chance to Get some sense is that what the administration seems to be trying to do to raise corporate taxes? Well again. I don't know why anybody would want to make American businesses American corporations less globally competitive. What we were able to accomplish several years ago with tax cuts was finally make United States somewhat competitive in a very globally competitive. Tax environment. And this would just punish American businesses and, you know, we want to see repatriation. We wanna see businesses come back to the United States invest in the United States where we don't want to do is discourage. Companies from locating in the United States. So again, it's It's about global competitiveness. And when we talk about raising taxes on corporations, you know Someone has to pay that bill. It's not like it's not like corporations panting and it doesn't impact American workers. American people, Um, the American people will pay for it in terms of my less dynamic economy. Lower wages. Let's return on their investment. And what's really disturbing is it's not just about raising corporate taxes. They're also talking about raising income taxes. They're talking about a financial transaction tax, which would be terrible for capital formation. A huge drag on economic growth. Another taxes like raising capital game stack. So you know at a time we've had this economic crisis. The last thing we want to do is to punish success and economic activity. You know, it's funny, because while we do the show, I think our executive producer Christine Morada knows this about me. I'm texting sources. I'm trying to get things going on. And Senator Kevin Cramer's office, the Republican from North Dakota, just Confirmed that he'll be on our program tomorrow. Side books Kevin Cramer for tomorrow, But you and he, um I doing the right grammar, Craig you and he just did the introduced legislation. In the when the In the last week, Senator Kramer introduced the act. Fair Access to Banking Act on you've introduced that in the U. S. House of Representatives of the nerd in me knows that this was something that the previous administration tried to get into law last the Trump years, but they ultimately couldn't but this would codify the fair access rule. Issued by former acting Comptroller of the Currency Brian Brooks in January that requires banks to provide fair access to bank services, capital and credit..
"brian brooks" Discussed on The Breakdown with NLW
"There's going to be massive amount of competition which means that the customers on both the retail institutional side benefit. This is a one way train. That isn't turning around. I think the only credible threat to this would be the. Us government doing a total one eighty and transforming. How people were allowed to interact with their bitcoin. And their other crypto assets. This is of course always possible but it doesn't seem likely to me in fact it feels far more likely that even in the draconian regulation scenario. It would make it such that. It was only bank of america's and the citibank's chases exactly the same firms who are spinning up crypto assets services now that could offer them to the public in other words get a banking license or get out but that trained to has hardy left the station. Thanks to brian brooks in the occ. These companies the ones that the us government might even in a real regulatory tightening are already preparing that set of services so this one is a big fat check on the super cycle. What about this singular narrative idea. I guess the question is what. Would you say a credible alternative narrative and if teaser certainly super buzzy right. Now they're really hot. We're seeing some crazy prices. But in no way are they even trying or pretending to offer an alternative narrative to digital gold. The only alternative they present is a place to put speculative assets to work as well so to the extent you think there is a zero sum of money especially retail money. I guess you could say that. They're competitive but no one thinks that an f. t. top shop collectibles are a true alternative to. Bitcoin is either digital gold or future currency and that includes the people who are running and f. t. top shop collectibles. What then about defy. This is the one. I could see most wanting to jump to. But i just don't see as an alternative narrative and that's not because i'm being dismissive of defy. It's because frankly and some of y'all might not like. This defy ties the narrative closer to that of bitcoin in a big way. Remember how much of twenty seventeen and twenty eighteen was about token izing random social networks and supply chains. Defy isn't about that it's about an alternative set of financial rails..
"brian brooks" Discussed on Techmeme Ride Home
"Looks like haven couldn't solve healthcare. Why haven't we seen jack ma in public going on two months now and singapore says psych on that whole not using koba tracking data to keep track of citizens. Here's what you missed today. In the world of tech one thing we missed talking about over. The holiday break was that bitcoin has soared above the thirty thousand dollar mark for the first time currently sitting at thirty two thousand dollars a coin as i type this and look it continues to be an exciting time. For crypto other coins have been rallying lately and now the u s office of the comptroller of the currency or occ has announced that banks and savings associations can now run crypt nodes and use associated stable coins for when it calls permissible payment activities. Goading the block. This means banks can use public blockchain's to validate store record and settle. Payment transactions as long as they're compliant with existing laws it also specifically mentions the use of stable coins for transactions saying blockchain networks can mitigate costs for cross-border transactions as a quote cheaper faster and more efficient means of payment for that reason. It's empowering banks to utilize blockchain's and they're stable coins for converting to and from fiat during remittances and even issue stable coins if they so choose acting comptroller of the currency and former coin base head of legal. Brian brooks said the letter is in response to a recent statement on stable coins. Issued by the president's working group on financial markets that report said regulators may consider limitations on multi-currency stable coins and highlighted possible risks of one. To one tokens are letter. Removes any legal uncertainty about the authority of banks to connect to blockchain's as validate nodes and thereby transact stable coin payments on behalf of customers who are increasingly demanding the speed efficiency interoperability and low cost associated with these products. Said brooks in a statement and quote crypto. Folks seemed to be pretty jazzed. About all this saying that this could end up heralding the beginning of the end of the traditional financial system as we know it as the great michael arrington tweeted quote. I thought this was years away at best. This is a b. f. d. and quote and as ross galloway tweeted quote. So how much of the recent price action is from. This news leaking out too. Well connected people interesting to see major bullish news coming out right after a huge rally and quote though. I thought i might note stable coins as a settling mechanism for bank. Transactions wasn't that what x. r. p. wanted to do twitter has.
Protection of Personal Data in Blockchain Technology
"Zor. Res- asks what do you think about. Privacy designed blockchain so. It's kind of interesting because these blockchain's are sort of under attack. I guess you could say from regulation right now. A melted mirrors actually talked about this in the episode that he did with her and lynn alton Where she said that. That's kind of the main thing she'll be looking out for twenty twenty one and i think You know we at this moment that i'm recording this. We only have rumors about what type of regulation it was that Treasury secretary steve mnuchin wanted to put on crypto right. Now because i think actually you privacy coins were in the crosshairs and this was something night. Jessie liu who came on unconfirmed talked about She was the what was it. Former attorney for dc. She's prosecuted a ton of cases are around some of the biggest ones involving illegal. Use bitcoin and via actor state actors like north korea or by the child porn website in in korea. Welcome to video. And and some of the other big criminals like terrorists and stuff and weight point. Is she highlighted by a something that she was noticing in. I can't remember it was the dot enforcement framework actually and I do think you know this is going to be something that comes up again because brian brooks the action control of the currency. Also kind of you know. When i asked him about what how he thought the. Us might regulate privacy. He said oh well you know the. Us is different from other countries because we're We're the victims of terrorism or or were subject to terrorism or something like that and he said that he thought people would be willing to make a trade off for that. Which i thought was very interesting. A really was curious to know what the crypt communities reaction was to that comment. But yeah so. I think we're going to see that kind of come up as a battle and i actually. I would be surprised. If in the end there wasn't some way to have Blockchain side feature privacy prominently because in a way. I can't imagine the technology really taking off in all the ways that it could take off if there wasn't such a feature and you even see that like in a forthcoming episode. I have unconfirmed. It's a panel discussion but there is somebody from the federal reserve who talks about building systems for central bank digital currencies. Who says you know flat out like you can't design these systems unless you have privacy you as a consideration from the beginning he said it cannot be an afterthought and and he's talking about for central bank digital currency so. I really do think that you'd at least some of these vaccines will have to feature it prominently and i. I don't think that we're going to end up with blockchain set it at all. I would be surprised on a long enough time scale. I do think in the in the beginning. There might be a bit of a battle. But i think after we got real adoption then i would be very surprised if we don't start to see more privacy
"brian brooks" Discussed on Unconfirmed: Insights and Analysis From the Top Minds in Crypto
"He's actually opposed. The notion that cryptocurrencies were nothing more than ponzi schemes and has referred to blockchain technology as a changed catalyst putting cancer in this role. Suggests that biden's win will be quote a good thing for cryptocurrency. As kristen smith of the blockchain association told fortune next headline us lawmakers criticized the occ's focus on cryptocurrencies and what appears to be the first substantial congressional critique of a financial regulator who favors cryptocurrency six congregational members issued a letter tuesday faulting acting. Occ chief brian brooks for prior toys and crypto during the ongoing health and economic crises brought on by covid nineteen. The letter stated. That brooke should have no business. Bolstering crypto of americans need economic relief and said such actions could put quote the entire Hierarchy of dollar denominated financial assets at risk in a blog post union square ventures. Fred wilson wrote quote if the us was developing as his china a digital currency stable coin additional dollar than those millions of at risk individuals would have been able to receive their economic stimulus funds via any one of the popular mobile apps that support or will soon support digital assets like coin base square paypal robin hood and many more. It would have been less expensive. By order of magnitude or more and much simpler to get funds to these at risk individuals with blockchain based assets versus outdated technologies like paper checks except line asian exchange roundup on the heels of two legal cases launched by the us government against crypto derivatives exchange. Bit max finance has begun blocking. Us users from its platform directing them to withdraw funds within ninety days if they are based in the us in a tweet wednesday q coin founder. Johnny liu said that the exchange had recovered eighty four percent of affected assets from the two hundred eighty million dollar hack in september adding that further recovery. Details can't be revealed until the case is closed by law enforcement agencies a month after okay ex suspended on chain krypton withdrawals users have devised different ways to remove their crypto assets. Often at a discount of at least twenty percent.
"brian brooks" Discussed on Unchained
"Now to find out how much you could be earning. This is the eighth episode in the uae. Bitcoin now series in which we take a closer look at bitcoin. In the context of macroeconomic forces including the pandemic and the economic response. The most recent episode in the series came out the day of the election. And now here. We are recording this on friday afternoon and at this moment in time it looks like joe biden will become the forty six the president of the united states here to discuss how this could affect. Bitcoin are dan's happy. Ero co-founder ten t holdings and gold bullion international and kathy would ceo cio at arc invest. Welcome dan and kathy laura. Thank you for having us. There's so much to discuss about this crazy groundhog day. We were all still going through hopefully by the time this comes out. We won't still be going through it but first let's discuss the elephants or in this case donkey in the room. The presidential election at this moment. The most likely scenario we're looking at is that will have former vice president. Joe biden as our next president. How do you think a changeover. From a bit ministration to abide in one will affect bitcoin. Will you know it's interesting This is what i love about our political system. I don't think a lot is going to change. Because this is really a regulatory question. And i don't think I don't i don't see a lot of changes on the regulatory front although the the head of the c. We i really love the direction. He's going in as long as in that yet. Brian brooks As as long as he stays in that position. I think we're going to have a force for good. If jay clayton is chosen chosen a different position away from the chair of the sec. We might get someone more friendly i think. to crypto I think Given all of the Stable coins and you know the the Currency back to Coins that each country is starting to issue. I think there's a certain acceptance of this now and you know if you wanna move into the modern age you kind of have to be with it. And i think this administration would like to be a part of that movement but again on the regulatory side if there's some displacement at the sec We might see things moving. What i find interesting is i have been used to watching all of these. Financial regulators compete with each other over the years. And i feel and i for power that.
What the Crypto Industry Could See Under a Biden Administration
"So to the question. I'm sure everybody's wondering about. He had asked for advocating on behalf of the industry or the community. How will that change. And to describe that sort of set the baseline by describing how or what. The strategy was the trump administration. And how you think that will change under a potential biden administration. Yes you have to remember. The biggest barrier to getting better policy in washington is an education barrier. This is a really new emerging fast emerging space. It's complicated it's difficult for policy makers to find the time to to learn the ins and outs of how it works Another challenge we have. Is that most of your everyday. Average consumers don't really do much with crypto yet. And so it's not top of mind. For policymakers by our strategy over the past couple of years has been to grow the base of champions on these issues and work with them to put forth. What we think are thoughtful. Good solutions Another important piece of what we do. Is we try to stop bad things from happening. Which we've succeeded. Add a couple of times on the legislative side because it's just as important to stop bad things than it is to get good things going forward and i would they an example if well there've been a couple bills that have been floated introduced like a very early version of the manage stable coins or securities. Act for example. You know that would have defined stable coins in a way that it wasn't intended to so the spirit of the legislation might might not have actually been not terrible but the way it was drafted was was would have been very hurtful to the industry and so we were able to work with that office get some of those definitions change but ultimately it stalled into able to prevent that from going forward the the because these are such niche issues. For policymakers we really had to rely heavily on those who have a personal passion for this space. So you know has to pursue. You've interviewed multiple times brian brooks. They've been fantastic. Allies champions to have and having them in those spots heads you know not only have they been able to put forth their own ideas. But they've been able to educate their peers their regulatory regulator peers on on cryptos that. That's positive any congress we. Have you know some good champions that are continuing to put ideas forward but the reality is it's a long way towards actually getting big comprehensive package across the finish line so as we look to the biden administration is if that is indeed dealing with. I mean who knows anything could change. I actually think the combination of a biden administration with the republican senate. Which i think is where we're going but again that could change too but those that is really really good for crypto and there are couple of reasons for that that the trump administration is a little bit mixed. Right as i mentioned we have. Has we have brian. They're great we'll secretary mnuchin. Who's not a big fan of the space Trump himself We have jay clayton. Who has been a skeptic Those are you know mnuchin. Clayton are appointed by trump And they've been standing in the way of getting something so as we look to the biden administration were hoping to be able to get educated crypto educated regulators in key positions in the sec. The cftc sec and doing what we can to try to influence those choices and in survivable played important role in picking. Those people are but because we have a republican senate. Those choices i think. We're going to be much more moderate than they would have. If if the democrats take the senate Under a democrat controlled senate than the progressives Have a little bit more of a say in who those. Those people are but If the senate banking committee is controlled by pat toomey mitch mcconnell's running the senate floor. Those guys are not going to approve of somebody. That's two left and they're gonna need to get some republican votes for those positions. So i think that's good for crypto because the support we've had from democrats tends to be those that are a little bit more to business that are open to You know private sector innovation. And i think that that that is actually a winning combination in. There's potential to get some great great
"brian brooks" Discussed on Unchained
"You deal with those two regulars more or less covered, your waterfront here you know you've got a banking regulator you've got a bank holding company regulator. You've got a bank deposit insurance regulator, and then you've got the securities regulators who are separate for the commodities regulators. So the questions I look at our in my little world of banking. How can we envision a role for banks in a decentralized financial environment? That's something we need clarity on, and then what are the legal powers of banks to custody to transact to accept deposits in or to remit payments is payments in crypto denominated assets those are kind of the banking questions but then of course, I don't control the securities markets and so who's GonNa tell us whether you know X. RPI Or you know whether something else is a violation of the Commodity Exchange Act you start to those other other regulars, and that's again partly a strength of our system because powers diffuse and so it's not concentrated one set of hands. But on the other hand, it makes it harder to give clarity. So my promise of the industry is as long as I'm here I will provide as much clarity as I can on all of the crypto matters that are within migrants diction. You've seen US starting of that. We have more to say if there's time. This summer that was the solicitor requests for comment on proposed rule making on digital banking activities including around cryptocurrency and I wondered why all the different. Facets were of at the. cryptocurrency industry that these proposed rules might cover. Well. First of all, let me just we were really really gratified with the with the number and quality of comments that we've received from a lot of different places including crypto trade associations. But. Also community groups and consumer advocates and you know crypto companies be the exchanges, stadiums or project developers. and. The kinds of things that came out of it I would tell you would be comments like should cryptocurrencies be regarded as foreign exchange? So we all know that you can go to a bank and you can buy yen and euros as well as dollars, but you can't currently by Bitcoin should we look at that and think that's part of a banks exchange power? So we're thinking about those kinds of questions. Their questions about custody and other things which you've seen US resolve. then. There are questions about deposits can't a bank except as a deposits that's not a US dollar. They shouldn't be that complicated questions but there unsettled raise policy issues, and so we have to think carefully about the so I can't tell you all places will go in response to those comments were still analyzing them thinking about what the appropriate next steps are but we did get a lot of comments on those on those kinds of issues from array of companies. And you know stay tuned what I would say. How do you think the pandemic its effect on the economy and the stimulus response will affect the growth of the crypto industry and or the adoption of Crypto. Well, I mean, there are two obvious drivers going on here. So one obvious driver is that we live in a world where nobody wants to touch cash right and so the idea of any digitized means of value exchange is going to be more attractive than it was before for sure. Indeed, there are a lot of businesses you go to nowadays especially small businesses that won't even accept cash. So there's that. More fundamentally, and this might be good for the CRYPTO industry. This might be really really bad for the world. Is To do the stimulus. We have printed a lot of money. And the more money you have sloshing around in the system, the less valuable each unit of the money is right because it's a commodity of their supply and demand. So we printed about four trillion dollars of new money and depending on what happens with the next cares act package depending on whether there's a new administration that raises taxes significantly whatever. We could be in a very different world of monetary policy very soon you know modern monetary theory will have consequences. That's as you remember, the core thesis of Bitcoin was unlike Fiat. Money it can't be debased. You can't order the bitcoin algorithm to print bitcoin jolie ever going to be so much and so that means that in a certain future world, we could have a lot more volatility in the Fiat money that we currently have a bitcoin that's the world turn on his head, and that's a scary world to think about. But that thing happening would tend to drive up bitcoin prices because it will be seen as better store value if those things were to transpire. And I also wondered if you thought these factors like the pandemic are making regulators have a more favorable attitude toward crypto. Well I don't know I think that the regulars attention on Crypto in the last year or so has been driven by a lot of other things less less pandemic related. I would argue and maybe less pandemic related than it should have been. We can come back to that but more around issues of competitiveness right? So we're seeing that the EU has released a stable coin framework at least in draft form, you see that China has actually already. The Iran be and they're now distributing it broadly through series of airdrops. The question is, where's the US in all this I mean, it's not an answer to just say we're really worried am l., and so we need to take a law enforcement lens I mean, of course we have to do that. But these other countries are seeing crypto and stable coins in particular as a strategic advantage and we haven't figured that out. So so we really have to get on the stick here. We need to move faster to say what the framework is and to move the country in that direction. That's the way that I've seen governments thinking about it less pandemic, related, more competitive Our discussion has been pretty focused on these somewhat arcane things like the different charters, our licensing regimes but in interviews you've said your ultimate passionate for the system to be more inclusive. So people can build more wealth. How do you hope to achieve that from your position now? Well look we live in a world where finance is fundamentally centralized. It's centralized around banks right and so the the concept of centralization is one in which there many tolls giving collected. If you WANNA open a checking account unless you keep a minimum balance, you have to pay a fee every month if you WANNA send a to somebody you have to pay a fee for that. You want to send an international transaction that that costs you know not only the transmission fee, but also the the foreign exchange. The whole point of centralization is that whoever the central gatekeeper is is a toll collector and they get to collect tolls for everybody wants to pass by that means poor people who can't afford the toll can't pass by it means other people can't afford it still get the cream skimmed off of their transaction before they were able to do it. The point of technology right is to disrupt all of those things technology can do for free what it takes humans a lot of time and money to do, and so the ultimate inclusionary benefit of open financial system, which is what crypto promises is a world where we take things that cost money and we make them free right? Remember we used to have to pay forty four cents to send a letter now he sent an email for free. That's what cryptos about doing the world of finance. All right great. Well, this has been such a wonderful conversation. Thanks so much for coming on unchained. Let's forget where can people learn more about you and.
"brian brooks" Discussed on Unchained
"Government needs to tell us that those are the kind of rules that government does well. Oh. Okay. So it sounds like what you're in favor of isn't actually how most people would define a central bank digital currency. Right. Well, that's my whole point is we have a choice in this country. The choices do we think the best way to digitize the dollar is to have a central bank digital currency meaning something built by the government on whatever time with whatever features the government. Danes to give us. Or do we think it's better for private innovators to develop different kinds of tokens that are fully fungible with Fiat dollars, but they can be available yesterday at that. That's that's the choice that we have to make the analogy I sometimes give Laura is you know the the Federal Communications Commission has jurisdiction over telecommunications. Now, we could have chosen as a government to have the FCC build cellphones and we. Can All have our government issued cell phone they would all look the same and they'd have whatever features the government wanted to give us or we could have FCC that instead says, Hey, here are the rules governing wireless telephony but we're totally fine if apple wants to build the iphone and Google wants to build android phones that's totally fine and they all have different features and they respond to market demands. Again the role of the OCC and the Fed shouldn't be to build at least in my opinion shouldn't be to build a digital currency it should be to do with the FCC did with phones tell us the rules. That the digital crisis after a sort of conform to and let the market build what people want. You know whoever's had a great experience with government produced product they should raise their hand but I think generally speaking what we like in this country beautiful experience that get created this country or created in the private sector with the government establishing rules. And then what role with the commercial banks play? Well the commercial banks would first of all the depositories as we've said, they can be under our most recent. Letter but commercial banks also eventually you know I can envision would be nodes on these on these blockchain's, and they could themselves be issuers. Same paxos gets to issue its own token. Why couldn't J. P. Morgan issue its own token right? They've already created a private token by a public token as a more efficient way of managing the payment side of their business. I think there's no reason to think banks would do that. I'm guessing that there will be a battle up ahead at some point over privacy as bigger financial institutions began wanting to transact Moravia blockchain's and also as more regulation considers fees. And so we'll have on one side this greater push toward adopting privacy and transactions whether that's lending or payments. On the other side maybe a push against privacy and I wondered what stance that OCC would most likely take toward more privacy in based transactions. Well. So. This is a really complicated question and you know it from the where you stand depends on where you sit kind of department I would say that privacy in the US. Financial Privacy you know in the in the technical protocol looks a lot different and raises a lot of different issues compared to financial privacy and some parts of the world. So the analogy I often give is if you are a dissident in Cuba or if you live in Venezuela or whatever you probably care a lot more about financial privacy in your individual transactions that we do in the US and that's because A. You care a lot more about the government not knowing that you're giving money to a political dissident or that you're sending money to a disfavored relative or whatever. In, the US where we are legitimately target of terrorism every day. It feels a little bit different. Yes. There's some things we'd probably rather by privately. But as a society, we seem to have made the judgment that the threat of people using our financial system for illegal or even terrorism purposes is sufficiently tangible that we need to protect against that and thus give up some privacy in favor of that. So I think that there's a little bit of schizophrenia in the United States open at the these two things in which side do we really believe there are times when we say we really believe in privacy as when we tell facebook, they should be using data for any purpose and we should have total. Control over what data exists and who could be shared with but there's another side of us when we look at things like travel rule, which is applicable to to a platform based script transactions where we've said, no, no no, we want the government to know about all of those transactions and send receive information has to be appended to every single transaction on a platform. So I think we need to resolve those society. We haven't done that yet. So one of the great things about our interagency processes, we suss those issues out. We hear all the different views that we try balance of debt. That's a work in progress at this point. As he just referred to US regulators, do have a reputation for being a stricter than other regimes around the world, but also for not offering much clarity as the industry would like as someone who worked recently in the industry, and now you find yourself on the other side I wondered what you thought can or should be done to ease the frustration. The industry feels with US regulators. Well I that we can do is we provide some gosh darn clarity. Right that'd be the first thing we could do at the. Issues in particular well, I mean look. A. PA- part of what you're doing with in in the US government is the decentralisation ironically of authority. So if you went to the UK, they're really only one or two regulars you ever need to talk to. There's the Bank of England and the Financial Conduct Authority. If.
"brian brooks" Discussed on Unchained
"He said that it allows banks to manage funds in a hosted wallet but that you were not quote, presently addressing the Authority to support stable coins actions involving an hosted waltz. There's some people in the industry who've been wondering whether this means banks supporting. Or crypto company supporting Walser prohibited from holding staple coin reserves or the banks. The working with those companies are prohibited from holding sable coin, reserves. I do I really glad you're giving me an opportunity to clear to clarify something that I know has confused some people. So let me be super clear. Banks are engaged in a front end part of a stable coin transaction any back in part of the stable coin transaction we're not asking banks to try and police every other thing that occurs stable coin. What we are saying is that when a dollar is received at the bank in respect of a stable coin, that transaction where that were Fiat comes into the bank in exchange for the purchase of tether token or a US DC token or whatever. That transaction to fall within our letter needs to be coming from a hosted wallet. So for example, it's fine for the dollar to purchase a stable coined is going to a coin base wallet or a Gemini Wallet or a Crackpot not find her to go to an Internet address that's not associated with that. All right. What happens from there is not the banks issue right? The bank at that point has received a dollar and it's holding that dollar in a deposit account but the bank needs to know who the customer was, who bought that stake. That person who bought the stable coin may then go and they may use it to buy a game token or they may use it to buy another crypto Tokat are they do whatever and the banks not a party that transaction and doesn't know what's going on okay. But on the back end, the fourth or fifth or sixth downstream holder of that stable coin that had originally been purchased may now WanNa come and redeem that stable coin and take the dollar out of the bank account right. That transaction also has to occur at a hosted wall because the bank needs to know its own customer needs to who is paying and receiving funds from the best analogy Laura that I think people encrypted land ought to be taken from. This is the analogy of ATM. Machines. If, I go to an ATM machine and I put in my card and I type in my pin, the Bank knows who is giving twenty bucks to write. It's giving the twenty bucks to the Cardholder Brian Brooks now, I may take that dollar and I may go to the seven eleven. And I may pay cash for a pack of Chewing Gum and seven eleven may take that dollar and it might go and do something else with it and something else and something else before finally that makes back into a bank account. The bank is not obligated to trace that dollar bill everywhere it's going that's not the way, a cash economy or the way that a synthetic electronic cash economy would work but the bank when it's either taking the dollar or giving the dollar back needs to know who it's dealing with, and it also needs to know that the hosted platforms that is working with have KYC procedures in place that that's all it's really it's really quite simple. Yeah in just for that last step, where someone's redeeming one of the digital dollars for a regular cash dollar you eat the way you stated and the example it would be through the CRYPTO company and not through the Bank itself. Right. Is Normally. What happens when you have a stable redemption? Is that the person who has the stable coin presents it back to the platform and says, I'm going to redeem it. So this is what we call minting and burning right. The stable coin issuer mints the stable coin when someone comes and buys it for a dollar or whatever, and then when the person presents it back and says, I'm ready to redeem this. I want to withdraw Fiat off platform that's called burning the stable coin as you know, and that's able coin. Then you know cryptographic, we canceled on the blockchain. And it. So the bank essentially gives it to the crypto platforms gift to the user. Correct. Okay. So everybody's been talking about defy an in twenty nineteen fincen released guidance for cryptocurrencies that largely said that its regulations applied to hosted wallets but not for une hosted wallets in which a user what manage his or her own private. Those mission as far as I can tell, is all about regularly relating banks and their activities whether that's payments are lending or what have you And when it comes to defy to the OCC's regulations also covered defy lending payments, etc. Even though these are typically non-custodial services. So let me let me try and answer that a couple of different ways. So first of all, let me begin with what what I think of as the seasons mission, which is not merely regulating national banks i. think that the OCC's role is in promoting a safe sound and strong national banking system, which is important for national economic growth that that's really how I see us as operating, and so we don't just regulate these companies, but we think about the shape of the charter etcetera etcetera to make sure that the country's economic growth which is built on the foundation of banking can be strong. So coming to your specific question the way I see all of this evolving in the world of defy is storage. The OCC has focused on regulating entities, right. So we have a company called a bank and we can go look at that bank and ask did the bank comply with the law on any gish? So let's say we're talking about, for example consumer, protection, law, or fair lending law. If I discover that a lending operation is charging more to black people than to white people. What I do is I find the operator of that learning algorithm which tends to be a bank and I can bring an action against that bank. I could sue the bank I could shut the bank down I could order that the bank pay remediation or whatever. What defy does is it challenges the entity based focus of law enforcement and supervision because there is no entity right there's just open source software, and so if the open source software is generating all kinds of bad outcomes who do I go after that that's the challenge that regulators have in a world of decentralized finance. Now, the answer could be several different things. One is you know most of these companies were originated on a platform so like. East, for example, not that Ethan's defy. But as an example of a blockchain east was originated by a group of guys that we know who they are and they have a foundation, but it's open source, and now the world is off they're doing what they what they do on it and those guys built that still at least we know who the original people were and we'd go talk to them. that. That's sort of the first potential. But the second potential is. The beauty of open source software is there virtually no transaction costs or frictions to changing the open source software, and so you can imagine a world where normal concepts of supervision don't really apply because you know you could say there's a market for four percent loans a market.
Will Coinbase Do a Token Offering When It Goes Public?
"Big News coming out of this week. Coin base is exploring going public. Tell us more about this news. Hell firm, it is and how and when they Mico public. I don't know if this would count as big news 'cause. There's a kind of a Genera in reporting. You say big startup is rumored to go Public Co.. Of course there are that supplant we own point base is going public. Insist like writing things saying Robin Hood is expected to go public maybe this year. You know I mean there's ten companies you could write that headline about and I. Mean You know I. Don't WanNa. Be ungracious by thought that story. It was Kinda thin because I don't think. There's anything to it I mean coin basis is been rumored to go public this year for a long time, and is he? They're going to happen late this year or next year, so I'm not really sure what the news is here. Yeah I guess. You did mention I'd when we talked about your book. The last thing you came on the show so I mean just in terms of. White Reuters reported how firm. was what they were reporting in terms of like any SEC registrations or anything more formal like that. Talk to a couple of sources close to the company, and initially Reuters was going to try to run with the you know saying that like Morgan. Stanley had was going to be the underwriter and that's clearly not true. And them, saying there's a direct listing I mean. I think that could be possible, but I think the most interesting thing is can be what serve IPO. Is it the? because I know it went talked to fritters from recently one of the cofounders Aucoin base. He hinted strongly this some sort of token issue, and so I think it could be America's First Combo ICO AN IPO which would be super cool, so that's what I'm waiting to hear about. You know in terms of whether they're going public. Yeah, of course, they are but I think that part of the story is what's most interesting to me and so for that. Do you have any more details on what that might look like? Would it be kind of? You know I for some reason. I don't get the feeling. It's going to be the kind of issues that we saw in two thousand seventeen bio. There are these will. Does that have been happening the initial exchange offerings any details on what form might take. Now they're playing cards close to the best on that and I know I think as base has got more corporate a you know. I think there's a push Gillette appeal everyone does, but I think a lot of the people at the company including the light coders who work there are real believers in Crypto, and it would be sort of lame if they just did A. A Garden Variety IPO, so but in terms that regulatory part. That's hard I mean. Are they going to do a cell tokens to accredited investors, and then the cell general shares to the public, or can they get the sec to bless some token, and which could happen because we've been watching coin basic, really been spending a lot of energy hiring Washington insiders. You saw just hired. Judge Paul Gruel who's fairly prominent, a former federal judge, and then they have their former child council Brian Brooks went to be the head of the Worcester called the office of the comptroller. The currency control. Pronounced, controller I learned that. We should notice been our I should know by now. But. That's you know they oversee all the banks, so you can obviously see them. Trying to put a political lobbying pushed onto kinda. Get a blessing for this and censor the most mainstream crypto company. You know who knows maybe they will get You know they will get a blessing to do a token offering, but I'm pretty sure whatever's going on. They're gonNA cold. It really tightly 'cause leaking. The stuff is just going to piss off the regulators and could imperil. Enlisting so this is speculation. I mean who knows maybe they'll chicken out. Just raise the cashier ordinary way. I think a lot of Crypto community. Hope to do something more ambitious.
"brian brooks" Discussed on Bloomberg Radio New York
"The office of the comptroller of the currency regulates all national banks and it has a new head Brian Brooks has just been named acting comptroller as the nation faces a national crisis for the pandemic the economic downturn and civil unrest I asked Brian for his sense of how they will affect the bank's he is responsible for David you know it it is going to affect the banks and and let me just begin by saying that it's it's a crisis that we all have to take seriously and the most current part of the crisis is one of the most tragic things I think either you were I've ever experienced in our lives nobody could watch the video of the tragic events starting with the death of George Floyd in the just an incredible act of brutality that has sent a spark to it tinder box out there and my heart goes out to everybody who is affected it's one of the worst things I've ever seen in my whole life banks are going to be part of the solution here on my watch I I promise you that and clearly the downturn has affected them but they were the delivery system for rescue aid so stay tuned but we're going to help do you have any sense of whether some of that delivery system is in jeopardy and some of these neighborhoods that have been so badly affected with looting and rioting and things other banks in those areas are they being impair their ability to be a delivery system what you eat you know David one of the really tragic things and stories that don't get told often enough is in a lot of these neighborhoods there actually aren't banks and that's part of the problem is over the last twenty or thirty years many banks eliminated their branches in low income neighborhoods in inner cities and parts of parts of the country that we now call banking deserts and that's what has led to somebody under investment that I think has produced the anger and the lack of opportunity that are leading to these protests so again you know banks are or having their own issues and we're gonna help them manage through all of that but the real problem is kind of the opposite it's that there aren't enough bank branches there's not enough lending and investment in these communities and that's I think what's causing this massive eruption out there that you're seeing so so tell me about that because the media problem obviously of making sure that businesses stay out the banks they up and things like that but there's a longer term issue that you really identify that we're going to have to address I believe in this country talk to us about the community reinvestment act exactly what is that and what's the role of your office and that yeah so you know the the community reinvestment act was a really important law that was passed in nineteen seventy seven to address the problem of banks only serving their preferred customers which tended to be richer people and quite people land the end of the world as a whole and the community reinvestment said look banks have a special privilege in our system they have deposit insurance to prevent their depositors from losing money they have access to the payment system which the government has created so a lot of special benefits and the thinking was in return for those benefits they need to serve all their communities not just the rich people are not just the people in the fancy neighborhoods one of the things we've tried to do David just this year is to modernize and kind of re imagine the community reinvestment act for the twenty first century in ways that are designed specifically to help the kind of people who were expressing so much pain and anguish right now the most important thing about it David is that historically we only measured the bank's activities around in their branches and so the irony is as banks started closing branches in poor neighborhoods they no longer got measured for their activities there and the communities were sort of left behind we're trying to solve for that today we need to get their activities in a modern environment measured every where their customers live yeah it's such a great point so many parts of life is what you get is result of pens or what you're measuring if you're measuring the wrong thing you don't get the right result at the same time with the shut down and so much of the country that is affected the ability of businesses to repay loans and things you've been outspoken in the possible dangers even for the banking system from that yeah it did I'm I'm really very worried about this and I think this is a piece of the puzzle but doesn't get well told I think all of us take of human risk of the medical risk the health risk of code nineteen very very seriously but what we do in the world of policy is we have to balance risks and benefits and we have to understand the consequences of our choices when we do those balancing what worries me a lot is as we go into the third month in the fourth month of these broad shut down orders the consequences to people's lives become significant and what I worry about is when we talk about re opening the economy we're not really talking about money we're talking about people's lives now in the banking system what that means is businesses that borrowed money so that they could start a restaurant or start you know a shoe repair shop or a dry cleaner those businesses haven't generated revenue in three or four months in many of our cities that hurts the banks because the loans that were taken out to finance those businesses can't get repaid good news is the banks are big and healthy and they'll be okay what might not be okay or the small business owners in these communities they're trying to make their lives better their communities better to feed their families and the longer this goes on there will be a cascade of losses I have to deal with the losses to the banks that's my privilege and responsibility to deal with what I worry about is somebody needs to take responsibility for the lives that are being really ruined by by these long term shutdowns and to balance that against a against the cost benefits thanks to Brian Brooks the new acting comptroller of the currency you're listening to Bloomberg balance of power of Bloomberg radio coming up former U. S. ambassador to China Gary Locke is here to.
"brian brooks" Discussed on Bloomberg Radio New York
"Of the comptroller of the currency regulates all national banks and it has a new head Brian Brooks has just been named acting comptroller as the nation faces a national crisis from the pandemic the economic downturn and civil unrest I asked Brian for his sense of how they will affect the bank's he is responsible for David you know it it is going to affect the banks and and let me just begin by saying that it's it's a crisis that we all have to take seriously and the most current part of the crisis is one of the most tragic things I think either you were I've ever experienced in our lives nobody could watch the video of the tragic events starting with the death of George Floyd in a just an incredible act of brutality that has sent a spark to a tinder box out there and my heart goes out to everybody who is affected it's one of the worst things I've ever seen in my whole life banks are going to be part of the solution here on my watch I I promise you that and clearly the downturn has affected them but they were the delivery system for rescue aid so stay tuned but we're going to help do you have any sense of whether some of that delivery system is in jeopardy and some of these neighborhoods that have been so badly affected with looting and rioting and things other banks in those areas are they being impaired their ability to be a delivery system what you eat you know David one of the really tragic things and stories that don't give told often enough is in a lot of these neighborhoods there actually aren't banks and that's part of the problem is over the last twenty or thirty years many banks eliminated their branches in low income neighborhoods in inner cities and parts of parts of the country that we now call banking deserts and that's what has led to somebody under investment that I think has produced the anger and the lack of opportunity that are leading to these protests so again you know banks are having their own issues and we're gonna help them managed through all of that but the real problem is kind of the opposite it's that there aren't enough bank branches there's not enough lending and investment in these communities and that's I think what's causing this massive eruption out there that you're seeing so so tell me about that is because the media problem obviously of making sure that businesses stay out the bank stay up and things like that but there's a longer term issue that you really identify that we're going to have to address I believe in this country talk to us about the community reinvestment act exactly what is that and what's the role of your office and that yeah so you know the the community reinvestment act was a really important law that was passed in nineteen seventy seven to address the problem of banks only serving their preferred customers which tended to be richer people and quite people then the end of the world as a whole and the commuter investments said look banks have a special privilege in our system they have deposit insurance to prevent their depositors from losing money they have access to the payment system which the government has created so that a lot of special benefits and the thinking was in return for those benefits they need to serve all their communities not just the rich people are not just the people in the fancy neighborhoods one of the things we've tried to do David just this year is to modernize and kind of re imagine the community reinvestment act for the twenty first century in ways that are designed specifically to help the kind of people who were expressing so much pain and anguish right now the most important thing about it a David is that historically we only measured the bank's activities around of their branches and so the irony is as banks started closing branches in poor neighborhoods they no longer got measured for their activities there and the communities were sort of left behind we're trying to solve for that today we need to get their activities in a modern environment measured every where their customers live yeah it's such a great point so many parts of life is what you get is result of pens or what you're measuring if you're measuring the wrong thing you don't get the right result at the same time with the shut down and so much of the country that is affected the ability of businesses to repay loans and things you've I have spoken in the possible dangers even for the banking system from that yeah it did I'm I'm really very worried about this and I think this is a piece of the puzzle but doesn't get well told I think all of us take for the human risk of the medical risk the health risk of covert nineteen very very seriously but what we do in the world of policy is we have to balance risks and benefits and we have to understand the consequences of our choices when we do those balancing what worries me a lot is as we go into the third month in the fourth month of these broad shut down orders the consequences to people's lives become significant and what I worry about is when we talk about re opening the economy we're not really talking about money we're talking about people's lives now in the banking system what that means is businesses that borrowed money so that they could start a restaurant or start you know a shoe repair shop or a dry cleaner those businesses haven't generated revenue in three or four months in many of our cities that hurts the banks because the loans that were taken out to finance those businesses can't get repaid good news is the banks are big and healthy and they'll be okay what might not be okay or the small business owners in these communities they're trying to make their lives better their communities better to feed their families and the longer this goes on there will be a cascade of losses I have to deal with the losses to the banks that's my privilege and responsibility to deal with what I worry about is somebody needs to take responsibility for the lives that are being really ruined by by these long term shut down some to balance that against a against the cost benefits thanks to Brian Brooks the new acting comptroller of the currency you're listening to Bloomberg balance of power of Bloomberg radio coming up former U. S. ambassador to China Gary Locke is here to.
"brian brooks" Discussed on Messari's Unqualified Opinions
"Them out at clockworks group DOT ISO. And you will not be disappointed all right everyone. Welcome back to another episode of Massari's qualified opinions. I'm Ryan Sell Casse at two. Bit Idiot's got another exciting episode today with Brian Brooks. Who's the chief legal officer at Queen Base? So he's going to reveal all of the mysteries to acquaintances internal compliance operations We're GonNa talk about basically everything except for what the token teams want to know when they're gonNA get listed So I'm going to try to. I'm going to try to keep Brian trouble. But we can at least talk a very high level about some of the standards that coin basis helping create being the leading platform in the West Certainly that a blue chip Ram when people think about U S and maybe Europe and even beyond that for Crypto city and trading Bryan before we get into all that. It's a little bit cliche to start this way but everybody has an origin story and I feel like that. Context is so important for how people got to the industry in the first place kind of informs their philosophy. It informs exactly what they're doing day to day and I love to start there With with you just helping our audience understand how you came to coin base And before joint base I assume you had to fall down the crypto rabbit hole as a precursor to getting getting engaged with coin base What was that process like get and over? What timeframe did this transition happen for? You were Ryan first of all. Thanks very much for having me. This is a great Great Program you have and it's exciting to connect with your listeners. I really appreciate being included. I think You know on the Origin Story. Bit rather than just giving you a reverse summary of my resume I can I can really give you a deep origins because I've kind of been destined for this for a long time and so what I tell you is if you go back fifteen years or more in my career. A lot of what I've done as a lawyer was a of trying to figure out and fix what's broken with the financial system and several early things that I think kind of pointed me in this direction so one example I think about is years and years ago this this had to be more than fifteen years ago was on the Board of the nonprofit appleseed. We had a program at appleseed called Financial Inclusion Program and one of the things we're trying to solve at that time was the problem. That's something like ten million. Americans received their tax refunds in the form of a check from the government and these people didn't have bank accounts so in order to get their tax refund they had to go to a check cashing in pay fees. That were five or ten percent of the check him out just for the privilege of getting their own tax money back and so we had a program at appleseed where we worked with the IRS to aggregate A whole bunch of tax refund together and then go to banks and say look you might not WanNa Bank. These people individually because You know they don't have the minimum balance on an individual basis. But what if we gave you a million new accounts each of which had four hundred dollars and it would then waive the fees and when we did that there was a bank? That was willing to do that. And we got the IRS to issue direct deposits into the bank and Basically give the in the bank than agreed to give these people debit cards and a free checking account. That really puzzled me why a bank would not want the individual account holders but was willing to have all of the account holder. Told me something about the way. The banking system worked. You know the idea that many people are excluded from that kind of financial service that you and I take for granted so that was an early early inside of mine into there. There's something wrong here you know that. That ought to be fixable. If a few years I had some really interesting experiences in the financial crisis one of them was I had sort of a celebrity client. At that time Alan Greenspan who was the immediate former chairman of the Federal Reserve one of the longest serving Fed shares? Ever and he was called to testify before the Financial Crisis Inquiry Commission to talk about what happened and You know was it. Was it his fault as fed share that he kept interest rates? Low for too long. He had a really interesting story about that. Which was no actually. It's not that we kept rates low. We we raised rates every quarter for four years before the natural crisis started. What was was is the global capital markets had sufficiently changed that the Fed could no longer control mortgage rates right and that had to do with the fact that Chinese investors who had con line at scale right around that time were investing in American mortgage securities as a high yielding but safe asset. And so that told me there was something else broken you know. The ability of regulators to control money flows wasn't what we thought it used to be. Then I left my law firm and I went with Steven. Mnuchin and Joseph Auditing to buy a series failed banks in southern California led by Indy. Mac Bank one of the biggest bank villages in the crisis. And if you wanted to see something it was broken indy. Mac was a great example of what was wrong with concentration risk and fan so why point. I had a whole series of experiences over a long period of time. That told me there's something wrong with the system can't quite put my finger on it but there is something wrong then fast. Forward to two thousand seventeen eighteen at a former colleague of mine had come to coin base as the chief financial officer and she clued me into the idea that one of the things that might be wrong with the system was focus on central intermediaries. That when you concentrate all money flows through a small number of large banks you get all kinds of risks created for a while. You get the risk that they will choose not to bank the little guy you know. That's the problem of the small checking account balance that I learned appleseed and then beckoned you'll get them chasing prophets In a way that concentrates risk in a small number of institutions. Which means that when they fail. They fail big And then you have this issue of global capital flows. This was kind of the Chinese issue that Alan Greenspan was talking about the time. And her thesis was Crypto. Maybe the answer to these things. Kripo solves the problem of central intermediaries running our financial system. Much the same in email and other kinds of distributed communication technologies. Solve the problem of the post office back in the day and that was an inside. I had not thought of but didn't know what was broken and so I came to coin base because I saw coin base as the platform company trying to bring to market all of these projects. That are GONNA fix that. That's what I'm doing here joined in mid to late. Two thousand eighteen maybe. It's just a coincidence. But it seemed like around that time was when coin. Base really started to broaden its support for non. Bitcoin non ether Enduring Classic in in Bitcoin Fort Assets. I believe at that time. There was only five support assets and now there are dozens that are supported on Queen Bass pro which was formerly G. Dax now with coins as custody in a number are bellevue staking. How much of a role did you play in coming up with the rubric to list all of these assets and how much of this was was biology kind of driving on the technical side or Brian? You know having a slight change in course because for for a very long time coin base had basically stuck to the blue chips and I'm curious what the inside baseball was on on how this evolved and how you can change your internal processes to support the multitude of assets without just listing literally. Everything my two. There's still some quality control but much much more assertive in terms of what listed will look at it Ryan. That's a great great question and You know I'd love to take credit for all of that but you know the old line that success has a thousand fathers whereas failure is an orphan so You know I there was. There was definitely might be might be too early to tell but if you think listening more assets of success than we succeeded in the jury's out but the truth is there was a conflict with events that happened. At that time I played a role of it. Obviously not the only role in that so you know. We had a belief that coin bases mission here was to be token agnostic. So obviously we have a lot of people here who do believe Bitcoin is a unique. Asset has a unique ability to kind of decentralize. And and you know. Kind of remove the inflationary characteristics among other things currencies to de Politicize. Money if you will so we do believe in but we also see ourselves as kind of the New York Stock Exchange of of Crypto. And if you think about the role of an exchange it's to allow markets to decide which things are the most valuable and so comparing. Bitcoin is a little bit like comparing motor company's stock to Apple Computer stock. I mean they don't really have a lot to do with each other but the market may want them both and it's important that the capital markets make it possible for people to vote with their feet or with their pocket book so that was a philosophy that was going on at the time that I got here and when I first walked in the door my day one mandate what was to figure out a way to crack the securities laws in such a way that we could list more assets. Now we never WANNA listen acid. We're not legal. Low at Lille allowed to trade and so as you know one of the big gating questions on that is which of these things are reregister regulated in which the art sociology wanted list of things. Brian wanted to unlock the platform potential of the company but as the gatekeeper of like legal compliance. I had to figure out. How do we separate the securities from the Non Securities and so we will never quite a little while when I first got here but we came with if not absolute clarity? We came up with a with a scale that allows you to sort of say. Hey We kinda can tell. There's a group Betokens clustered over here. That may not be exactly like bitcoin. But they really don't look anything like inequity security. And then there's the group of Tokens over here that more or less look like somebody's just equity and a going concern and In those things we're not legally allowed to trade at the moment so this became the genesis of what later was launched as the crypto rating council. Which is an industry. Wide Consortium that uses a framework to bucket. These tokens into one of those two categories or at least district. Beat them about what that is. We started using that framework. You know I would say nine. Months or more. For the CRYPTO rating council came into being but but the story of that is is that we wanted to be more relevant market participant was awesome marketshare bleeding offshore or because there wasn't a US exchange train some of these things and we were comfortable enough with compliance. We did carefully consult with government actors to make sure they knew what we were doing every step of the way and I think that was part of our secret sauce am. I don't want to suggest that. Any government actor se or otherwise as has endorsed our framework. But we've talked to them in detail about it and it's been gratifying to hear. Some people in the government. Start to use our vernacular of will. That's a four token. That might be a little bit too risky. But this is the three point five token that's totally fine and that language is now. I think started to get some traction in the industry Soon as we saw that obviously our view was look. This is Silicon Valley. We believe in open sourcing so we don't need to open this process. It's probably better for the industry to have a common language for compliance and that's why we created the CRC was to make this available to anybody who wants to use it. But you're right. As a result of that scale we were suddenly able to say. Hey we may be that. We can't lift one hundred tokens. But they're probably fifty tokens we list. Let's go find those And that's what we did This is I think maybe one of the most important issues. That'S CONFRONTING THE WEST. Just from a practical standpoint Yes even the best regulated most polished entities would like to abide by existing law and regulatory structures. But there comes a point where you have to forge ahead and you know basically asked for forgiveness before permission which is really loaded phrase that. I'm sure you might push back on when it comes to financial services but but you do have to toe the.
"brian brooks" Discussed on Bloomberg Radio New York
"More than twenty seven hundred journalists and analysts in more than one hundred twenty countries. In San Francisco, I'm Ed Baxter. This is Bloomberg. Brian, thanks very much. It's time for sport page is with us looking at the PGA championship Donna. I'm on the edge of my seat. It got close didn't it? It's sure is Brian Brooks kept the entered the final round of the PGA championship with a seven shot lead over four other players. He now leads Dustin. Johnson by two shots kept is at eight under on the eighteenth hole. Dustin Johnson is already in the clubhouse, at six under kept us hoping to win his second straight PGA championship in his fourth major championship in the past two years in the NBA playoffs. The raptors will host the bucks next hour in game three of the Eastern Conference finals Toronto head coach, Nick nurse knows they. Desperately need a win tonight after losing the first two games of the series in walkie. They've done what they're supposed to protect their own court. And we've got to go now do the same and get ourselves back in the series. But it's got to be more of an effort light game one, and then tonight because we were just uphill for almost three quarters tonight, Toronto is five and two at home this postseason in the Stanley Cup playoffs. Saint Louis embarrassed, San Jose, five nothing on the road to take a crucial three games to two lead in the Western Conference finals in major league baseball the Yankees rip the race thirteen five in the rubber game of their series. The Marlins swept the Mets three one York has lost five games in a row. The Red Sox got by the Astros. Four three to avoid at three game sweep Boston's starter Marcus Walden earned the victory to improve to six no, I'm Donna page. That's your Bloomberg. NBC. World sports update rish. All right. Well, let's get to the American book. So it's the number one film this weekend being John wick chapter.
"brian brooks" Discussed on News Radio 1190 KEX
"Stephen. Brian brooks. Introducing the last two members of the papers starting quintet tonight Cuyler Kelly and trace tinkle. And that is certainly surprised by joy part of the theme of the twenty fourteen fifteen season Fort Wayne Tinkle's in his first year when the beavers. Surprise all by plane show. Well in that first campaign. It was surprising sort of element of joy for the fever team that year with the policies towards worth at Lewis. And I'm very surprised, but happy to see trace tinkle on the lineup here for the shoot around earlier today and that took place between twelve forty five and two o'clock, the final preparations for the papers in UCLA tonight. And all of us will get each other. And essentially say now he's not playing tonight, but he continued to get treatment therapy continue to do drills. That have him to get on the floor. Not only just to be on the bench in uniform, but to start to tackle we'll start along with Stephen Thompson coming off his career high of thirty four becoming your second division, one player this season in all of college basketball to have thirty four ten and five line, points, rebounds, and assists. Ethan Thompson, who's forty seven point one percent over his last ten games from three point range Zack. Michael starts. He has at least one three in his last five games and Cuyler Kelly back to the nation's leading block shots at four point one per game. After seven six in the second half against USC on Thursday Cuyler controls the tip. Ethan Thompson brings it up at UCLA has coach Rupp.
"brian brooks" Discussed on The Tony Kornheiser Show
"Cintos by Brian Brooks is a little since nineteen ninety eight long. Peltier? Oh, I submit to you a couple of songs from Lasko base ban record, the early two thousands the name of the band is Lionel Richie and local zero. I don't know. Can you do that? I don't know how that works. Lionel Ritchie exists. Yes. I don't know why you would want to do that. Not be no Lionel Ritchie. It's weird and played around town recorded and produced demos until we surrender to a two nine to five live to stayed in Nashville and now perform in the surrounding area as static pop a party dance fan. We want him by all the locals to show on December fourteenth. That's in a couple of days at the Bunga not pig in Franklin, Tennessee mentioned the promo code Toni at the door. And we guarantee you will pay the full cover price after all we are a for profit enterprise. If you read this later, we'll play the New Year's Eve party at same place. The Bunga pig in Franklin, Tennessee, reservation, only, I've played their bunch of times drummer Brian Brooks is the drummer. So when my radio dial radio show where man was. Renting the toaster ovens. No longer exists. Any he wanted a new one even though the entire studio was telling him, they actually did exist kept describing what a toaster oven was. And how he wished he could buy a new one. I was riveted. You can imagine my surprise. When you threw it to them to do. Davis. Kurtz me. I'd actually been listening to a sports. Loyalty never way if people like Brian Brooks and his new band static pop and his Oban, Lionel Ritchie and locals Eero. If people like that want to be played on the show, Michael how do they do it? Send us your music by emailing it to jingles at Tony Kornheiser show dot.
"brian brooks" Discussed on Who? Weekly
"Next up, which we lead who is doing to say who is burnt Hoberman of God. But. Cash money records. He's he co founder of cash money records famously adjacent to low Wayne la- Cashman, huge Drake still on Cashman records. It was money. I don't think Wayne is anymore. But like Birdman, what's a what's a icon? I don't think Berman really has like conic music himself. He's more of just like an iconic producer in like hip, hop person. Like this man bottles with sort of big. But I can't like what else what icon Birdman track. I don't know if I can I'm not like a big bird, man. Stan I just more like know who he is what I think is that he's cash money like he's the cash money records guy, the cash money records about the other guy because it's him and someone else I have to look slim Williams. Okay. So Birdman to them there. Oh, and he was also part of a duo called big timers back in the day with many fresh who of okay. The other funny thing about is could be just quickly is that under other ventures, which is my favorite place to look it says oil business and you click and it says in early two thousand ten Birdman formed in oil and gas exploration company called grown old. Rolled oil and gas LLC anyways. These started it with his brother slim. Oh, that's slim and the name was a combination of the brothers. First names, bro old borough old, Bryan and Ronald. Oh, Brian Brian Brooks funding about fun thing that both Birdman and Birdman having common is that Birdman is not his given name. His name is Brian Brooks. And Michael Keaton is not has given is not Birdman. Do you know what Michael Keaton's, you'll Namus? I feel like we've talked about this on the show movie alive. Michael Keaton, Michael Keaton is a fake name. What is it like like, Josh, Michael Berg, Michael non Michael Douglas's? It is my had to change his name. Because like there was already a Michael Douglas and having geisha VO because then I said like it's like Katy Perry's real name is Kathryn Hudson Hudson with the y you had sent why kind just finish this just sorry really quickly Evans of the company's actual business operations was scant limited mostly to a website and the appearance of a pump Jack tattoo on the side of Bergman's head anyways. That's it also Wikipedia associated. I don't know who wrote that. But like sign them up for gossip blog. Okay. So Birdman is an actual person. He's not just a terrible character. Metabol- movie that say is like calling the wife the wife, it's like telling Michael Keane Birdman anywhere one best pitcher, didn't it. Yes. Yes. Okay. Holland. They have AVI. He's a lot of calls about the satiety that nigga it's not their daughter. You or the caller said, no it was you'd I've. Yep. Sorry about that. She's that star come on. All right bag at for Millis, or my favorite who weekly thing is when someone calls, and I'm like that'll be the only call we get about that. What a when someone says, I'm sure you've got a million calls about this. And it's like in your dreams. Yeah. And then literally we got a million calls. It was almost like I was trolled by thinking that. And then every single call was like, it's her sister. And I was like well lot of VERA entice affirm Migo fans out there like coming for us. Because you wanted more details about like what our audiences like we got all saying, I thought Birdman was Michael Douglas and one thousand call saying like, how dare you not know that the far Migas our sisters. I know I'm going to put them in our next like stats like it's gonna be like Blake percent men. Blank percent women and maybe three hundred. God. Call the call themselves with you know, we know they don't I'm kidding. But I'm really gullible today. I feel like whatever movie, I'm tell you. And VERA in next they should advertise on who. In the should in that movie. That was a movie I saw higher ground this no teeny tiny like three dollar indie movie, the viewer formulas in and it came at like two thousand eleven maybe. And I went to I went to go see it with who. Did I see? Afoul, Tara Oriana? Tara. He's also a farmer. She's to farmers to my favorite farmers..