Brian Brooks, the former CEO of Binance US and former acting head of the OCC, has been shortlisted for several regulatory positions in the incoming Trump administration. Notably, he is not being considered for the CFTC, but could lead other financial agencies.
Since that announcement, Kalshi's financial market odds have put Brooks in second place to take over as SEC chairman.
Trump's possible appointment of Brooks
According to Fox Business journalist Eleanor Terrett, Brooks has been considered for several positions at financial agencies. It is becoming increasingly likely that the executive will play a significant role in the financial regulatory system during Donald Trump's upcoming presidency.
Under Brooks’ leadership, the OCC has fined several large centralized institutions in 2022, including giants such as JP Morgan Chase, Morgan Stanley, and Wells Fargo Bank. Despite this, Brooks is highly pro-crypto and a strong supporter of XRP.
Outside of the CFTC, some of the other financial regulatory agencies are the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC) and the Federal Reserve, Terrett said.
Ever since John Thune became the new Senate Majority Leader, the community has been anticipating a more prominent role in crypto regulation by the CFTC. In this regard, Trump has initiated a thorough effort to reorient US institutions in a pro-industry direction, and this effort involves many agencies. The SEC and CFTC are the most prominent, but other appointed agencies also have major impacts.
For example, the FDIC has previously denied insurance to crypto assets, complicating business operations for exchanges and other companies. On the other hand, the Federal Reserve is responsible for interest rate cuts. It’s worth noting that these cuts have had a positive impact on Bitcoin recently. As such, an industry ally like Brooks leading either of these institutions could bring big gains.
Brooks could still be nominated as Trump’s new SEC chief. That’s because current chairman Gary Gensler is likely to step down soon. For one thing, Brooks’ name didn’t appear on the last list of potential SEC chair candidates. However, since that announcement, his odds at Kalshi have risen to second place.
Kalshi's odds for Brooks as Trump's SEC chairman. Source: Kalshi
In fact, Brooks is just one of several pro-crypto candidates Trump is listing for prominent positions. He will be part of a larger wave, whether it’s at the SEC, resuming his old role at the OCC, or any other major agency.
The article Former Binance US CEO May Become New SEC Chairman appeared first on BeInCrypto.
