TL;DR Breakdown:
- President Biden might nominate Michal Barr to head the US OCC.
- Barr had served as an advisor for Ripple Labs.
A report by the Wall Street Journal on Wednesday says the new United States President, Joe Biden, is expected to appoint Michael Barr as a nominee to replace Brian Brooks, as the head of the US Comptroller of the Currency (OCC), the country’s Treasury office in charge of regulating the national banks and federal savings associations. More likely, Barr is also going to bring a crypto-friendly setting to the OCC if appointed by president Biden.
Ripple advisor to be appointed by President Biden
In 2015, Barr served as an advisor for Ripple Labs, bringing government and the financial sector experience to the blockchain company. While commenting on Ripple’s appointment at the time, Barr mentioned that the US global payment system is outdated. “I think innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike.”
If Barr is eventually appointed by president Biden to head the OCC, he is likely to maintain guidance that will authorize the banks in the country to associate with cryptocurrencies, per se. Prior to joining Ripple Labs, Barr had served as the assistant secretary at the US Treasury Department for financial institutions from 2009 to 2010. He was also a key architect that helped in drafting the Dodd-Frank Wall Street Reform.
Ex Coinbase executive stepped down from OCC
It’s still unknown when president Biden will announce the nominee that will replace Brian Brooks as OCC head. On January 14, Cryptopolitan reported that the former Coinbase executive, Brian Brooks, would step down from serving as the head of the Treasury, as president Biden was set to assume his office. Brooks served in the department for about eight months, downscaling the banking barriers to cryptocurrency in the country.
He introduced guidance that allowed banks in the US to deal and even make transactions with digital currencies.
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