The Wall Street Journal reported Wednesday that Michael S., a former U.S. Treasury official and one-time member of the Repulse Advisory Board, is likely to be the next regulator of the currency.
If the U.S. Senate names and confirms, it will repeatedly replace Brian Brooks, a former Coinbase executive who served as acting regulator in the latter half of 2020. Barr is currently the Dean of the University of Michigan Ford School of Public Policy. The news comes the next day Politico first reported Lawyer Professor Mehersa Baradaran as well as Barra were also under consideration.
Barack Obama was part of the Treasury Department of the Obama administration, where he worked on banking regulations as Dodd-Frank law, Journal reported. The bar did not immediately return a request for comment.
Bar Joined Ripple’s Board of Advisors in 2015Although a spokesman for the organization confirmed that he was not a member earlier this week. Face-to-face, he did not answer any questions about when he left the board.
If Barr is truly nominated and confirmed, he will be the second person with a crypto connection to lead the federal banking regulator, which last week awarded Anchorage a national trust certificate.
Under Brooks, the OCC has also released a number of explanatory letters and finalized a fire access rule that crypto lawyers believe could make it easier for these startups to tap into banking services to bring the industry closer to traditional traditional financial systems.
Some of these explanatory letters allow banks to participate in cryptocurrency ecosystems by using stable payments or acting as node operators in blockchain networks.
The rule of fair access can, however, be lengthy; It’s final before Brooks Step down Since its introduction last Thursday, it has not been published in the Federal Register, meaning it has not been effective. Ronald Klein, White House Chief of Staff, Issue a memo Earlier on Wednesday, the governing body canceled or froze any rules that had not yet been published.
Update (January 21, 2021, 03:40 UTC): Additional contexts have been added, correcting that Ripple’s board of advisers was repeatedly on the board, not its board.