Michael S. Barr, a former U.S. Treasury Division official and onetime member of Ripple’s board of administrators, is more likely to turn out to be
Michael S. Barr, a former U.S. Treasury Division official and onetime member of Ripple’s board of administrators, is more likely to turn out to be the subsequent Comptroller of the Forex, the Wall Road Journal reported Wednesday.
If named and confirmed by the U.S. Senate, Barr will succeed Brian Brooks, the previous Coinbase government who served as Appearing Comptroller for the final half of 2020. Barr is at the moment a dean on the College of Michigan Ford Faculty of Public Coverage. The information comes days after Politico first reported that Barr was into account, alongside legislation professor Mehrsa Baradaran.
Barr was a part of the Barack Obama administration’s Treasury Division, the place he labored on financial institution laws within the type of the Dodd-Frank Act, the Journal reported. Barr didn’t instantly return a request for remark.
Barr joined Ripple’s board of administrators in 2015, although an organization spokesperson confirmed he was not a member earlier this week. The spokesperson didn’t instantly reply to a query about when he left the board.
If Barr is certainly nominated and confirmed, he would turn out to be the second particular person with a crypto connection to guide the federal banking regulator, which granted a nationwide belief constitution to Anchorage simply final week.
Below Brooks, the OCC additionally printed a variety of interpretative letters and finalized a Honest Entry rule that crypto advocates imagine can deliver the business nearer to the normal monetary system by making it simpler for these startups to faucet banking providers.
A few of these interpretive letters would additionally let banks take part within the cryptocurrency ecosystem by utilizing stablecoins for funds or performing as node operators on blockchain networks.
The Honest Entry rule could also be in limbo nevertheless; whereas Brooks finalized it earlier than stepping down from his function final Thursday, it was not printed within the Federal Register, that means it has not but taken impact. Ronald Klain, the White Home Chief of Employees, issued a memo earlier Wednesday directing company results in rescind or freeze any guidelines not but printed.
UPDATE (Jan. 21, 2021, 02:56 UTC): Added extra context.