- Prior to his role as comptroller, Otting was in the banking industry for 30 years.
- As comptroller, he oversaw federally-chartered banks, savings associations, and federal branches of foreign banks operating in the United States.
- Otting previously said that cryptocurrency was not a threat to the U.S. banking system.
Former U.S. comptroller Joseph Otting is joining Blockchain.com’s board of directors. Otting served as Comptroller of the Currency from 2017-2020 during Trump’s administration.
As comptroller, he oversaw federally-chartered banks, savings associations, and federal branches of foreign banks operating in the United States. His role was to ensure that national banks and federal savings associations operate in safely and comply with laws and regulations.
Prior to that, he was a banking veteran with 30 years in TradFi. He started his finance career at Bank of America, where he held positions in branch management, preferred banking, and commercial lending.
From 1986-2001, Otting worked at Union Bank across various roles including deputy regional vice president, senior vice president, executive vice president, and group head of commercial banking.
He then spent nine years at U.S. Bank, where he served as market president, executive vice president and manager of East Region Commercial Banking Group until 2010. Following that, he was named president, CEO, and a board member of OneWest Bank until 2015 when when the bank merged with CIT Group.
A month after being sworn in as Comptroller of the Currency, Otting told Reuters that he felt that Bitcoin did not pose a threat to the banking system. As the crypto space comes under increased regulatory scrutiny following the fallout of FTX, Otting’s experience as a former government official can help Blockchain.com navigate the complex regulatory landscape.
“I’m honored to join the board of Blockchain.com and help it navigate the regulatory landscape as one of the most established firms in its space,” Otting said in a statement.
He joins another former government official Jim Messina, the Obama-era White House deputy chief of staff, as well as former American Airlines CEO Tom Horton on Blockchain.com’s board.
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