- Former OCC head Brian Brooks resigned final week.
- President Biden is anticipated to appoint Michael Barr to the publish.
- Barr is a former Treasury official with ties to Ripple.
In accordance with a report at present from The Wall Road Journal, President Biden is anticipated to appoint Michael Barr to function Comptroller of the Forex.
Like his predecessor, Barr would deliver cryptocurrency expertise to the Workplace of the Comptroller of the Forex (OCC), a US Treasury workplace that regulates nationwide banks and credit score unions.
Along with engaged on Dodd-Frank banking reforms within the aftermath of the 2008 monetary disaster, when he was Assistant Secretary for Monetary Establishments on the Treasury, Barr was named an advisor to Ripple Labs in 2015.
“I’m excited to be becoming a member of the Advisory Board of Ripple Labs,” Barr mentioned on the time. “Our international funds system is badly outdated. I believe innovation in funds can assist make the monetary system safer, cut back value, and enhance entry and effectivity for shoppers and companies alike.”
sued Ripple Labs and two of its executives for greater than $1 billion in relation to alleged gross sales of an unregistered safety—XRP.has a significant stake in , the fifth-largest cryptocurrency by market cap. That is caught the SEC’s consideration. The company final month
Barr is not listed as an advisor to the agency. Ripple didn’t instantly reply to a request for remark.
Outgoing appearing OCC head Brian Brooks additionally had hyperlinks to the crypto business. Earlier than taking on the function in Could, Brooks was Chief Authorized Officer of.
Throughout his quick time period, Brooks sought to deliver cryptocurrency into the mainstream finance world. Late in his tenure, the OCC issued steering that banks may useand for cost actions.
Nevertheless, Brooks took warmth from a handful of Congressional Democrats, who objected to his cryptocurrency focus throughout COVID, whereas the Treasury struggled to distribute stimulus funds to odd People.