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The new chief operating officer at the U.S. Office of the Comptroller of the Currency (OCC), previously the Chief Legal Officer of Coinbase, has suggested a ‘payments charter’ that would allow for federal regulation rather than state-by-state.
Brooks also noted how lesson from the financial crisis relate to how ‘there are a small number of institutions in our society that are really so big and so connected with so many people's lives that in the words of 2008, they were thought to be 'too big to fail.'’ His response to this concept is for the industry, the idea of how decentralization provides a cure to the issue of too few companies in charge, similarly to how Big Tech is considered to have taken over the Internet. Brooks stated, ‘Decentralization is a solution to too big to fail when you distribute across a network of small actors, the network is robust even when a number of small actors go down.’
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