New President Joe Biden appears to be planning to appoint Michael Barr, a former director of digital currencies, as head of the US Currency Control Bureau (OCC). He has previously been a member of Ripple’s board of directors.
To Report Coin Telegraph, a former member of Ripple’s board of directors, is likely to head the board, according to the Wall Street Journal. The US Currency Controller is one of the most important regulatory bodies in the financial field.
The Wall Street Journal reports that insiders expect Joe Biden to appoint Michael Barr, former Treasury Secretary, to the post of National Bank Supervisor. The foreign exchange regulator acts as the director of the federal banking system and is the chief executive of the foreign exchange regulator. The Wall Street Journal cites the official as one of the most powerful banking lawmakers:
The foreign exchange regulator oversees hundreds of bank executives based in major US financial companies, and whoever takes over becomes one of the most powerful lawmakers in the banking sector.
The official decision has not yet been finalized, and the Wall Street Journal has not been able to confirm the news with explanations from White House officials, the Treasury Department or Michael Barr himself.
If approved, Michael Barr would be the second person to be appointed to a sensitive government position after Brian Brooks with experience in digital currencies. Brian Brooks, one of Coin Bass’s former executives, resigned last week after eight months as chief of staff at the Trump administration.
Michael Barr was appointed a member of the RippleLabs Advisory Board in 2015. At that time, he was very enthusiastic about strengthening innovation in the field and said in this regard:
Our global payment system is very old. I think payment innovation can help build a more secure financial system, reduce costs, and improve the access and efficiency of consumers and businesses alike.
US President Joe Biden has also nominated Mehrsa Baradaran, a law professor at the University of California, Berkeley. The Biden administration has also named Gary Gensler, an expert on digital currencies, as the most likely candidate to chair the Securities and Exchange Commission. The former chairman of the United States Futures Trading Commission is known as a person who has a more positive approach to decentralization and financial digitization than the previous chairman.