Biden to Name Former Ripple Advisor as OCC Head: Report

Based on a report right this moment from The Wall Road Journal, President Biden is anticipated to appoint Michael Barr to function Comptroller of the Foreign money.

Like his predecessor, Barr would carry cryptocurrency expertise to the Workplace of the Comptroller of the Foreign money (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 “Our world funds system is badly outdated. I believe innovation in funds might help make the monetary system safer, cut back value, and enhance entry and effectivity for shoppers and companies alike.”

Ripple has a significant stake in XRP, the fifth-largest cryptocurrency by market cap. That is caught the SEC’s consideration. The company final month sued Ripple Labs and two of its executives for greater than $1 billion in relation to alleged gross sales of an unregistered safety—XRP.

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 up the position in Might, Brooks was Chief Authorized Officer of Coinbase.

Throughout his brief time period, Brooks sought to carry cryptocurrency into the mainstream finance world. Late in his tenure, the OCC issued steerage that banks may use blockchains and stablecoins for fee actions.

Nonetheless, 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 strange People.