• Wed. Jun 7th, 2023

Ripple’s Former Advisor’s Name Under Biden’s Consideration As Head Of Banking Regulator

Jan 22, 2021

Micheal Barr’s name has been put under consideration by Biden’s Administration for heading the financial regulator. Barr who remained US Treasury Secretary’s Assistant in the past has also served as the Member on the Board of Advisory panel of Ripple. If his appointment is confirmed then he will become the second person from the crypto industry to join the Currency Comptroller’s Office (OCC).

 Finally, Joe Biden has taken oath and became the 46th President of the United States of America which sent the ousting President Trump home unhappily. Soon after his assuming the White House Desk, Biden passed an Executive Order and appointed Anthony Faucias head of US’s delegation. The delegation is supposed to attend the annual meeting of WHO in which Fauci will represent the US.

Yet there were other prominent names who have been nominated by Biden to hold various high portfolios. One of them was the appointment of head of Office of Currency Comptroller (OCC). It was reported that Biden has already considered the appointment and the name was revealed to be one Micheal Barr.

As per the Journal of Wall Street, it has been confirmed that Biden has selected Barr as the head of OCC. This is one of the most crucial posts wherein Barr would be heading the financial sector. In the past, Barr has remained Assistant to US’s Treasury Secretary. In addition, he had once served on the Advisory Board panel of Ripple (i.e. an entity from crypto industry that produced XRP coins). But currently, the relations between SEC and Ripple are relatively bad due to XRP’s ban in the US.

But when Barr was asked about his possible appointment, he refuted having any knowledge about that. He is currently heading the Michigan University in the capacity of its Dean.

In the meantime, reports started to emerge suggesting that Barr had helped Treasury Department in finalizing Dodd-Frank Act 2010. This was an Act that was promulgated to deal with the global financial loss caused in the years 2008-09.

If Barr is appointed as OCC, then this would be Biden’s second appointment wherein the nominee belonged to crypto industry. However, so far his appointment hasn’t been confirmed officially. Earlier it was Gary Gensler whose name appeared in the news as the next nominee for heading Securities & Exchange Commission. This was also a key post and Gensler is believed to be a big supporter and fan of cryptocurrencies.

Coming to know of these two names, the crypto industry instantly responded on the rumors and appreciated the nominations. Many believed that both the nominations are crypto positive and can let the industry grow in its full potential.

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