Home Ripple Former Ripple Advisor Tapped To Become Top US Banking Regulator: Report

Former Ripple Advisor Tapped To Become Top US Banking Regulator: Report

4 min read

President Biden is reportedly making ready to appoint a former member of Ripple’s advisory board, Michael Barr, because the Comptroller of the Forex.

The Wall Road Journal reports that if Barr is nominated and confirmed, he’ll succeed Brian Brooks, who stepped down January 14th, and short-term performing Comptroller of the Forex, Blake Paulson.

The Comptroller of the Forex is the senior official on the Workplace of the Comptroller of the Forex (OCC) and their duties include overseeing 1,200 nationwide banks, federal financial savings associations, and federal branches and companies of international banks that collectively carry out 70% of all banking enterprise within the US.

Barr’s attainable nomination comes a month after the U.S. Securities and Alternate Fee (SEC) introduced it’s suing Ripple for the sale of  an unregistered safety within the type of XRP. The potential Comptroller of the Forex nominee joined Ripple Labs’ advisory board in July 2015. He left in 2017.

On the time of becoming a member of Ripple Labs as an advisor, Barr stated the worldwide funds system is “badly outdated.” He argued that “innovation in funds can assist make the monetary system safer, cut back value, and enhance entry and effectivity for shoppers and companies alike.”

The Wall Road Journal provides that the College of California’s Irvine Faculty of Regulation professor, Mehrsa Baradaran, was additionally thought-about for the place by the Biden administration.

In a U.S. Senate Committee on Banking, Housing and Neighborhood Affairs hearing in July 2019, Baradaran stated cryptocurrencies aren’t the “finest answer” for the shortcomings of the standard monetary business.

“Whereas I share lots of the cryptocurrency business’s considerations with respect to failures of the banking business, I don’t consider cryptocurrency is the very best answer to the issues of economic inclusion and fairness in banking.”

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