Ex-Ripple Board Member Tapped to Lead Biden’s OCC: WSJ

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Michael S. Barr, a previous UNITED STATE Treasury Department authorities and also one-time member of Ripple’s board of supervisors, is most likely to come to be the following Comptroller of the Currency, the Wall Street Journal reported Wednesday.

If called and also validated by the UNITED STATE Senate, Barr will certainly be successful Brian Brooks, the previous Coinbase exec that acted as Acting Comptroller for the last fifty percent of 2020. Barr is presently a dean at the University of Michigan Ford School ofPublic Policy The information comes days after Politico first reported that Barr was present, together with legislation teacherMehrsa Baradaran

Barr belonged to the Barack Obama management’s Treasury Department, where he dealt with financial institution laws in the type of the Dodd-Frank Act,the Journal reported Barr did not instantly return an ask for remark.

Barr signed up with Ripple’s board of supervisors in 2015, though a business speaker validated he was no more a member previously today. The speaker did not instantly react to a concern regarding when he left the board.

If Barr is undoubtedly chosen and also validated, he would certainly come to be the 2nd person with a crypto link to lead the government financial regulatory authority, which approved a nationwide depend on charter to Anchorage simply recently.

Under Brooks, the OCC likewise released a variety of interpretative letters and also wrapped up a Fair Access guideline that crypto supporters think can bring the market more detailed to the conventional monetary system by making it much easier for these start-ups to faucet financial solutions.

Some of these expository letters would certainly likewise allow financial institutions take part in the cryptocurrency community by utilizing stablecoins for repayments or functioning as node drivers on blockchain networks.

The Fair Access guideline might be in limbo nonetheless; while Brooks settled it prior to tipping down from his function last Thursday, it was not released in the Federal Register, suggesting it has actually not yet worked. Ronald Klain, the White House Chief of Staff, issued a memo earlier Wednesday routing firm leads to retract or ice up any kind of policies not yet released.

UPDATE (Jan 21, 2021, 02:56 UTC): Added extra context.