Michael S. Barr, a former U.S. Treasury Division official and onetime member of Ripple’s board of advisers, is prone to turn into the subsequent Comptroller of the Foreign money, the Wall Avenue Journal reported Wednesday.
If named and confirmed by the U.S. Senate, Barr will succeed Brian Brooks, the previous Coinbase govt who served as Performing Comptroller for the final half of 2020. Barr is presently a dean on the College of Michigan Ford College of Public Coverage. The information comes days after Politico first reported Barr was into account, as is regulation professor Mehrsa Baradaran.
Barr was a part of the Treasury Division in President Barack Obama’s administration, the place he labored on financial institution rules 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 advisers 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 into the second particular person with a crypto connection to steer the federal banking regulator, which granted a nationwide belief constitution to Anchorage simply final week.
Beneath Brooks, the OCC additionally revealed a lot of interpretative letters and finalized a Honest Entry rule that crypto advocates imagine can carry the business nearer to the standard 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 appearing as node operators on blockchain networks.
The Honest Entry rule could also be in limbo, nonetheless; whereas Brooks finalized it earlier than stepping down from his function final Thursday, it was not revealed within the Federal Register, which 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 revealed.
UPDATE (Jan. 21, 2021, 03:40 UTC): Added further context, corrects that Barr was on Ripple’s board of advisers, not its board of administrators.