Brian Brooks, the Acting Comptroller, is moving out of her role, and as per reports, a former member of Ripple’s board of advisors is taking the role.
Michael Barr is most likely being considered for the role of at Office of Comptroller of Currencies.
Michael Barr to Succeed Brian Brooks as Comptroller
As reported by Wall Street Journal, Michael S Barr will succeed the outgoing Comptroller to take charge of the OCC under the Joe Biden administration. Brian Brooks has taken the role since the second half of 2020 and served in the Coinbase team.
Mehrsa Baradaran and Michael Barr are under consideration for the role, as reported by Politico. Barr has served on the US Treasure Department earlier and worked closely on the banking regulations under Barak Obama before Trump’s term. He played a substantial role in Dodd-Frank Act.
This is a niche one, but I promise it’s important. Biden is rumored to be appointing Michael Barr to chair OCC, the “top bank cop” who regulates all big banks, and crypto/fintech. Some reasons Barr might be the most corrupt, ill-suited Biden appointee yet: https://t.co/qPsdM3ZF12— Alex 🤕 Sammon (@alex_sammon) January 22, 2021
Brian Brooks headed OCC for the last half of 2020. Under her guidance, the department finalized the Fair Access Rule, which as per crypto experts, brought the crypto industry and traditional finance closer and enabled crypto startups to function in the banking industry. The OCC letters published under Brian Brooks also enabled the banks to leverage the crypto industry through the use of stablecoin and participate in the blockchain networks as node operators.
Michael Barr would work with the regulatory appointees Gary Gensler( nominated for the Securities and Exchange Commission) and Rohit Chopra( nominated for heading Consumer Financial Protection Burau). Barr joined the Ripple board in 2015; however, as confirmed by the company spokesperson, he is not a member currently.
The OCC chief oversees more than 1200 banks in the country, which is almost two-thirds of US financial institutions. US Department of Justice and some lawmakers have raised concerns over using digital currencies for money laundering and considered it a threat to national security. The ongoing spate between SEC and Ripple Inc is also much in the news. In such a scenario US administration must deal with cryptocurrency regulation fairly. Barr is the second executive from the cryptocurrency industry to take an important position in the administration. He has been a one-time member of the Ripple board.
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