Former Coinbase exec becomes acting Comptroller of the Currency

America’s Comptroller of the Currency Joseph Otting is stepping down, with first deputy and former Coinbase chief legal officer Brian Brooks taking over on an acting basis.

Otting will leave the Office of the Comptroller of the Currency on 29 May after three years in the job. No reason has been given for his departure.

Brooks takes over as Acting Comptroller of the Currency just two months after joining the agency as COO from crytpocurrency exchange Coinbase.

Brooks, Otting and Treasury Secretary Steve Mnuchin all worked together at OneWest Bank. The bank was founded by Mnuchin in 2009, with Otting serving as CEO and Brooks vice chairman and chief legal officer.

In November Brooks wrote an essay in Fortune arguing for the creation of a digital dollar built by the private sector