Former head of the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury, Brian Brooks has become an independent member of the board of directors of the Spring Labs startup, which develops data-protection solutions.
“Working at the OCC, I launched the REACH financial inclusion project. With the Spring Labs team I intend to continue this work, reducing costs and increasing security for all.”, — Brooks said.
Spring Labs (formerly Springcoin) uses cryptography and a permissioned-system to ensure data integrity. The first enables strict control over the visibility of information shared among network participants, while the second enables transparency of transactions.
According to the press release, such a combination addresses the problem of information sharing among competitors and could remove barriers to access to modern financial services.
The former OCC head views the Spring Labs platform as a key “middleware” atop the integration of digital assets into traditional banking infrastructure. The company said that financial institutions would be able to use the solution to safely scale distributed ledger technology within federal regulation, including KYC/AML procedures and compliance laws.
Earlier, Brooks left the post as head of the OCC on January 14. Under his leadership the agency allowed banks to provide cryptocurrency custody services, to hold collateral for stablecoins and to issue them.
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