Coinbase’s Chief Legal Officer Resigns to Oversee US National Banking System

Coinbase’s Chief Legal Officer Resigns to Oversee US National Banking System

Coinbase’s chief legal officer is designated by Treasury Secretary Steven Mnuchin to serve at major position at the Office of the Comptroller of the Currency

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Amid an ongoing global health and financial crisis, Coinbase, one of the most popular cryptocurrency trading platforms in the United States, is losing another key executive.

Brian Brooks, Coinbase’s chief legal officer will resign from the company to join the Office of the Comptroller of the Currency (OCC), an independent banking regulator operating under the U.S. Department of the Treasury, the OCC announced on March 16.

Famous crypto skeptic Treasury Secretary Steven Mnuchin appointed Brooks

According to the official announcement, Brooks has been designated as first deputy comptroller — the agency’s second-highest position — by Treasury Secretary Steven Mnuchin. Brooks will also serve as the OCC’s chief operating officer effective April 1, the announcement reads.

A known sceptic of cryptocurrencies like Bitcoin (BTC), Mnuchin outlined Brooks as a “strong leader with extensive experience in the financial services sector,” adding that he is excited to work together to foster the financial system and greater economic growth.

Coinbase is proud that their crypto-friendly legal officer will join the authority 

Coinbase said in an email to Cointelegraph that the company is pleased to know that their legal officer is joining the OCC to oversee the nation’s banking system, noting that Brooks will definitely bring a more friendly stance to crypto with him. Brooks has been leading Coinbase’s legal, compliance, government relations and global investigations groups since September 2018.

Outlining Brooks as “invaluable in shaping the Coinbase legal and compliance programs,” a spokesperson at Coinbase said:

“In the midst of a public health and financial crisis, we are comforted to know that Brian Brooks will serve in this critical role overseeing the nation’s banking system […] We’re always proud of Coinbase alumni who go on to serve in government, bringing a crypto-friendly perspective with them.”

Apart from his departure from Coinbase, Brooks will also step down from the boards of directors of the Federal National Mortgage Association — commonly known as Fannie Mae — and marketplace lender Avant. Prior to joining Coinbase in 2018, Brooks also served as founding advisor at decentralized fintech project Spring Labs, member of the compliance and information security committee at Avant and executive vice president and general counsel at Fannie Mae.

In early March, Treasury Secretary Mnuchin said that the U.S. welcomes responsible digital innovation, still emphasizing that the agency is focused on preventing illicit uses of crypto like money laundering and terrorist financing. Reiterating his skepticism of the industry, Mnuchin said that the U.S. “will not tolerate the use of cryptocurrencies in support of illicit activities.”


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Coinbase’s chief legal officer is designated by Treasury Secretary Steven Mnuchin to serve at major position at the Office of the Comptroller of the Currency

Crypto advocate Patrick Byrne resigns as CEO of Overstock

Crypto advocate Patrick Byrne resigns as CEO of Overstock

Patrick Byrne resigns as CEO of Overstock

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Noted crypto advocate Patrick Byrne resigns as CEO of Overstock.

Per a letter of resignation and company statement posted on Twitter Aug. 22, Patrick Byrn will be stepping down as CEO of Overstock.

Having led crypto-friendly ecommerce at the company, including the launch of tZero and Overstock’s acceptance of Bitcoin payment, Byrne’s announcement follows the announcement of disappointing Q1 earnings for 2019.

Disclaimer: This story is breaking and will be subject to updates.


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Patrick Byrne resigns as CEO of Overstock

Web3 Foundation Director Resigns to Pursue DAO Projects

Web3 Foundation Director Resigns to Pursue DAO Projects

The current director of the Web3 Foundation says he will be gradually leaving the organization to pursue work with DAOs

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Web3 Foundation (W3F) director Ryan Zurrer has announced that he is stepping down from his role at the decentralized web-focused nonprofit to pursue his interest in investments and decentralized autonomous organizations (DAOs).

Zurrer expounded on his departure in a series of Twitter posts on Aug. 5. Zurrer explained that he will be gradually removing himself from the organization, partially in light of its current success. In June, W3F managed the token sale of blockchain interoperability protocol Polkadot (DOT). Zurrer said:

“With the success of the DOTs sale, the success of the @web3summit & the Foundation in a strong position organizationally, I will gradually step away at the end of this year and go back to what my primary passion is — deploying capital and helping early-stage teams build.”

Zurrer also emphasized the high value he places on pursuing successful DAOs, remarking:

“The dream of a sustainable decentralized organization that attracts and filters for great talent, supports genuine innovation and meaningful experimentation, and delivers outlier value to its members is really the most compelling project in my humble opinion.”

DAOs are a special type of organization that is autonomous and managed by smart contracts on a blockchain, not people.

The soon-to-be-former director additionally teased that he has some upcoming surprises to unveil alongside additional details on new DAO ideas at the upcoming Web3 Summit 2019.

According to his LinkedIn profile, Zurrer worked as principal and venture partner at blockchain firm Polychain Capital for two years, before switching to his position at the W3F for a similar amount of time.

DAOs on the rise

As previously reported by Cointelegraph, the law firm Gravel & Sheathe announced that it had helped the developer cooperative dOrg to create a DAO endowed with legal status. The firm moreover believes that this DAO is the first legal entity of its kind within the United States. This DAO reportedly runs on the Ethereum blockchain and is licensed in Vermont under the title “dOrg LLC.”

In June, cryptocurrency exchange Ethfinex, the sister exchange of Bitfinex, launched a DAO. The DAO will purportedly act as a test for how the exchange can decentralize its operations. The DAO was built by DAOstack and is known as efxDAO, with an initial funding budget of $5,000.


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The current director of the Web3 Foundation says he will be gradually leaving the organization to pursue work with DAOs

Anti-ICO Chairman of South Korean Financial Regulator Resigns as Expected

Anti-ICO Chairman of South Korean Financial Regulator Resigns as Expected

The anti-ICO chairman of South Korea’s Financial Services Commission has resigned, just before the end of his term in office

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Financial Services Commission (FSC) chairman Choi Jong-ku, a governmental official in South Korea who took a hard line on domestic Initial Coin Offerings (ICOs), has tendered his resignation. The Korea Times reported the chairman’s decision on July 18.

„I recently tendered my resignation to President Moon Jae-in to widen the scope of his choice before the expected reshuffle,“ Choi said.

According to the report, officials in the finance sector expected Choi Jong-ku’s resignation, since historically the finance chair does not complete their term in office. There are also reported rumors that Choi will run for a National Assembly seat in 2020, but the former chairman says he is not planning on it. 

As previously reported by Reuters, South Korea decided to ban ICOs, and any means of crypto fundraising, in September 2017. The FSC reportedly made the decision with Choi chairing the commission at the time.

In January, the FSC said it would uphold the country’s ICO ban. South Korea originally banned ICOs due to concerns over stability and manipulation. In upholding the ban, an FSC spokesperson reportedly commented on issues the commission sees with enforcing ICO-related laws in a timely manner:

“If there is an unlawful act, a third party has to intervene, but it is difficult to intervene until the transaction volume or price soars.” 

Choi is skeptical on ICOs, but not opposed to crypto and blockchain innovation

Choi also voiced opinions in favor of crypto exchanges holding bank accounts during his term, with the stipulation that such exchanges have sufficient Anti-Money Laundering  and Know Your Customer regulations. Choi’s statements were welcomed by the Korea Blockchain Association — an organization that promotes the dissemination of education on blockchain technology, according to its website

In March 2018, Choi spoke on the possibilities of the fintech sector, as the FSC pivoted from simply regulating emerging technologies to taking a more supportive role. Choi then said, “Fintech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people.”


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The anti-ICO chairman of South Korea’s Financial Services Commission has resigned, just before the end of his term in office