Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator

Friday 22 January 2021, 10:39 AM AEST - 1 month ago

Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator

Micheal Barr, the former member of Ripples board of advisors, is set to become the United States next banking regulator, according to a report. A former assistant treasury secretary, Barr will become the second individual with crypto connections to lead the Office of Currency Comptroller (OCC.) The recently departed Currency Comptroller Brian Brooks is a former Coinbase executive.

Biden Taps Comptroller With Crypto Ties

According to a Wall Street Journal report, which cites anonymous sources, Barrs likely appointment will be at the expense of Mehrsa Baradaran, a law professor. Still, the report reveals that Barr, who is currently the Dean of public policy at the University of Michigan, was unavailable to confirm the reports at the time of publishing.

Meanwhile, the same report explains that during his previous stint with the U.S. Treasury Department, Barr had reportedly helped to craft the 2010 Dodd-Frank Act, a sweeping overhaul of financial regulation that followed the 2008-09 financial crisis.

For the moment, the tapping of Barr as the countrys next top banking regulator marks the second time the Biden administration has selected an individual with some crypto background to lead a regulating agency. A week before Barrs rumoured selection, media reports had suggested that the new administration was lining up Gary Gensler to be the next chairman of the U.S. Securities and Exchange Commission. During his spell as the head of the Commodities and Futures Trading Commission, Gensler reportedly exhibited an appreciation of cryptocurrencies.

Cautious Optimism

In the meantime, crypto enthusiasts have reacted to both Gensler and Barrs rumoured appointments with measured optimism. Some say this could be a positive sign for the cryptocurrency market, but others warn that there is more that has to be done. Having knowledgeable individuals at the helm is not enough. For instance, Petr Kozyakov, the co-founder at Mercuryo.io, explains to news.Bitcoin.com that ...

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