Ex-Board Member of Ripple to Become the Comptroller of the Currency

January 21, 2021


Previous Treasury official Michael Barr will supplant Brian Brooks as the Comptroller of the Currency, the Wall Street Journal reported.


The onetime member of Ripple’s board of advice and the former U.S Treasury Department official, Michael S. Barr is likely to be the upcoming head of the OCC, the Wall Street Journal reported on Wednesday.


If named and affirmed by the U.S. Senate, Barr will succeed Brian Brooks, the previous Coinbase leader who filled in as Acting Comptroller for the last 50% of 2020. Barr is at present a dignitary at the University of Michigan Ford School of Public Policy. The news comes days after Politico previously detailed that Barr was getting looked at, close by law educator Mehrsa Baradaran.


Barr was essential for the Barack Obama organization’s Treasury Department, where he chipped away at bank guidelines as the Dodd-Frank Act, the Journal revealed. 


In the event that Barr is surely designated and affirmed, he would turn into the second individual with a crypto association with lead the government banking controller, which allowed a public trust sanction to Anchorage simply a week ago. 


Under Brooks, the OCC likewise distributed various interpretative letters and finished a Fair Access decision that crypto advocates accept can carry the business nearer to the customary monetary framework by making it simpler for these new companies to tap banking administrations. 


A portion of these interpretive letters would likewise allow banks to partake in the digital money biological system by utilizing stablecoins for installments or going about as hub administrators on blockchain networks. The Fair Access rule might be in an in-between state, be that as it may; while Brooks concluded it prior to venturing down from his job last Thursday, it was not distributed in the Federal Register, which means it has not yet produced results.


Image Courtesy : Pixabay

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