A few days after some rumors broke out that Brian Brooks would leave office since the Trump administration’s exit and the inauguration of the present. There are now some talks concerning Michael Barr’s appointment as the new comptroller of the currency for Biden’s government. Since America’s election, people understood that several officeholders would have to leave their administration seats.
The crypto community applauded Brooks for his constant support for the space, and his lenient regulations made digital asset growth in the US easier. The community expects another advocate of crypto as Biden’s administration will bring in Barr as the officeholder. Barr was formerly an advisor for Ripple before left for other opportunities.
Biden’s administration to appoint Barr
Current reports reveal that Michael Barr is the government’s choice for the office of the comptroller of the currency. The former assistant treasury secretary is not new to the crypto space and might promote digital assets during his office.
The comptroller acts as a regulator for banks, and Brooks utilized his powers to encourage crypto use, especially when banks were given the go-ahead to make payments with stablecoins. Interestingly, the acting comptroller worked in Coinbase, an exchange, at a point in time.
Although not confirmed yet, there is a huge possibility that the present Dean at the University of Michigan would get appointed, being one of the officeholders in Biden’s tenure who has crypto ties. Another person who the government might appoint is Mehrsa Baradaran, but sources explain that it is unlikely. At the time of writing, Michael Barr has not said anything related to the appointment.
The Biden government had chosen another individual with crypto ties, making Barr their second candidate who worked in a crypto-relayed firm. Even before Barr’s appointment rumor, Gray Gensler’s selection reports made the space understand that he could head SEC for the current tenure. The rumored appointee is no stranger to cryptocurrencies, as he had previously demonstrated his trust and belief in that industry.
New appointees might not assure crypto promotion
While some are optimistic that these individuals’ appointment with crypto ties to the offices could change things for the space, others believe that they might not assure widespread crypto adoption. Experts applauded their work but doubted if the appointment alone could create the change the crypto community wants. Since Brian Brooks had an outstanding performance concerning cryptocurrencies, the space believes that Barr would work similarly to his ideology.
Barr was a member of the board of advisors at Ripple around five years ago and had worked in the US government as an executive in the Treasury department. The former advisors had hinted at crypto support when he opined that the banking sector was archaic and could use some needed change. Concerning regulations, the US government proposed some stringent rules for self-hosted wallets to remove the platform’s anonymity. The new holders might work with the other heads to create an enabling environment for mainstream adoption.