Immediately the Wall Street Journal reported that President Biden is predicted to appoint Michael Barr to the function of Comptroller of the Forex on the OCC, one of many essential banking regulators. He was beforehand on the advisory board of Ripple. Barr will substitute Appearing Comptroller Blake Paulson, who took over the function final week from Brian Brooks, former Chief Authorized Officer at Coinbase, who held the OCC place in an performing capability for eight months.
Barr is now not with Ripple, which is at present being sued by the SEC, which asserts that the XRP cryptocurrency is a safety.
The professor is at present the Dean of Public Coverage on the College of Michigan. Within the Obama administration, he was the Assistant Secretary for Monetary Establishments on the Division of Treasury. Throughout that point, he was an architect of the Dodd-Frank Act, which addressed post-financial disaster regulation.
In keeping with his bio, one in every of his focus areas is monetary inclusion. He serves on the FDIC Advisory Committee on Financial Inclusion and can be on the Invoice & Melinda Gates Basis FinTech Advisory Council, amongst quite a few different roles.
Final 12 months together with different teachers, Barr printed papers on the ‘Central Financial institution of the Future’. Studying by part three, the main target can be on monetary inclusion. The authors imagine this may be achieved by increasing low or no-cost entry to cost techniques, bettering cost velocity, prohibiting predatory practices, lowering cross border prices, and enhancing interoperability between techniques. The paper explored low-cost techniques in a number of nations, from China’s WeChat Pay, Alipay and the digital yuan, to Kenya’s M-Pesa and the Philippines’ eGov Pay.
If nominated and confirmed, there’s a great likelihood Barr’s method to digital currencies will probably be coloured by the way it would possibly improve monetary inclusion. And very similar to one sees greenwashing, he’s unlikely to fall for inclusion-washing.