Joe Biden, the current President of the United States of America (USA) is reportedly looking to fill the post of the Head of the United States Office of the Comptroller of the Currency (OCC) and Michael Barr, the former advisor at Ripple, has a chance to win this post, as per a report.
Michael Barr To Replace Brian Brooks As The Head Of OCC
The Wall Street Journal (WSJ) has said in its latest news report on Wednesday, the 20th of January that the newly-elected President of the United States is likely going to name Ripple’s ex-advisor Michael Barr as the new head of the Office of the Comptroller of the Currency.
Reportedly, if the United States Senate confirms the selection of Michael Barr, he will be replacing Brian Brooks, the ex-executive at the major cryptocurrency exchange Coinbase who has been serving as the Acting Comptroller of the Currency from the period between May 2020 and Jan 2021. Reportedly, Brian announced his resignation the previous week. Barr is now expected to sit on this post.
Barr became a part of the advisory board of Ripple back in the year 2015. It is not, however, known when he said goodbye to Ripple’s board of advisors and the reason behind this is also unknown. Apart from being the advisor of Ripple, Michael Barr has also been serving as one of the officials at the United States Treasury Department. Prior to becoming Ripple’s advisor, he was Assistant Secretary for Financial Institutions at the US Treasury Department and served there under the administration of the former President of the US Barack Obama. As of now, Barr is serving at the University of Michigan Ford School of Public Policy as its dean.
As Barr has spent a great deal of time in the industry of cryptocurrencies and has earned experience, he is expected to bring his crypto experience to the US OCC as well. He may change the OCC’s attitude toward the cryptocurrency sector. It might also be a piece of good news for Ripple which is currently having a legal fight with the Securities and Exchange Commission (SEC), an independent agency of the United States. The company also seems to be very optimistic regarding the new administration of Joe Biden. Ripple’s Chief Executive Officer said in a statement that they are looking forward to working with the new team for innovation of cryptocurrencies and blockchain technology in the country.