Ripple’s former advisor’s board director may just be in line to become USA’s Currency Comptroller. Several resources close to the matter have reported that the latest President, Biden is to nominate an official of the Treasury Department. The former member in the talks is Michael Barr. He would be bestowed upon with the post of invigilating the national banks.
The Currency’s Comptroller is a position that administers the federal banking system of the country. It also comes with being the Chief Officer to the prestigious Comptroller of Currency. It is one of many powerful regulators of banking. The actual decision remains pending. Sources were also unable to rectify and confirm this story as the White House has not commented yet. Neither Barr from Ripple nor the Department of Treasury has given any opinions on it.
New Duties Of Ripple’s Old Director
Though the former Ripple Director has not been confirmed yet, the position is an incredibly important one. Sources say that Comptroller supervises several bank supervisors around the United States financial firms. This makes the Comptroller one of few powerful positions in banking regulatory.
Michael Barr won’t be the only appointee in a cryptocurrency background. He would, in fact, follow in the steps of Brian Brooks, an ex-executive from Coinbase. Brooks resigned last week as Trump’s comptroller. Barr’s history with the industry runs back to 2015. He was made the Advisory Board’s member of Ripple.
The Biden administration is also thinking of Mehrsa Baradaran, a professor of law from California University, for this position. The United States Security & Exchange Commission’s head may also be a crypto-proficient, Gary Gensler.
Michael Barr, Ripple’s former director, once talked about adopting newer methods for the payments sector. He stated that the methods being used around the world are already “outdated.” Innovation in the system of payment may help it get safer, decrease cost & improve efficiency. According to him, it would benefit both businesses and customers.
