Brian Brooks, CLO of Coinbase.The top lawyer of digital asset exchange Coinbase Inc. is set to become the chief operating officer and first deputy comptroller of the Office of the Comptroller of the Currency beginning April 1.
Brian Brooks will be based in Washington, D.C., and oversee OCC bank supervision policy, economics, compliance and community affairs and innovation units.
“Brian Brooks is a strong leader with extensive experience in the financial services sector,” Treasury Secretary Steven Mnuchin said in the press release. “I look forward to working with him to ensure the stability of our financial system and its ability to foster greater economic growth for the benefit of all Americans.”
Brooks could not be reached for comment Monday.
Brooks will replace Morris Morgan, who will retire from the OCC at the end of April. Morgan has served as the COO since January 2019 and has been with the organization since 1985.
“Morris Morgan has dedicated his career to bettering this agency and promoting the safety and soundness of the federal banking system,” Comptroller of the Currency Joseph Otting said.
Brooks most recently served as the chief legal officer for Coinbase. A spokesperson for the company did not answer who will be taking over as chief legal officer when Brooks leaves.
“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,” a spokesperson for Coinbase said in an email to Corporate Counsel. “Brian is an amazing and accomplished leader who has been invaluable in shaping the Coinbase legal and compliance programs, and helping policymakers and regulators better understand the opportunities and benefits of crypto.”
From 2014 to 2018, Brooks served as the general counsel of Fannie Mae. He has also worked as vice-chairman of OneWest Bank and was a managing partner of the Washington, D.C., office of O’Melveny & Myers.
Brooks also serves as a member of the board of directors for Fannie Mae and Avant LLC. He will be stepping down from both boards before joining the OCC.