Joe Biden appoints former Ripple adviser as the Head of OCC

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Joe Biden, the current President of the United States of America (USA) is reportedly looking to fill the post of the Head of the United States Office of the Comptroller of the Currency (OCC) and Michael Barr, the former advisor at Ripple, has a chance to win this post.

Head of OCC,A name is circulating

Like his predecessor, Barr would bring his cryptocurrency background to the Office of the Comptroller of the Currency (OCC). Indeed, it is an office of the US Treasury Department. This office is authorized to regulate the country’s banks and credit unions. Under Brooks, the OCC is issuing a series of regulatory guidelines addressing how domestic banks can interact with the cryptocurrency sphere.

Moreover, under the former legal director of Coinbase, the OCC clarifies that all US banks can offer custody services for cryptocurrencies. However, Brooks has been criticized by some Congressional Democrats. They criticized its focus on cryptography in light of the COVID-19 pandemic.

Nonetheless, this news was received positively by the cryptocurrency community. She expects Barr to continue with the OCC’s crypto protection policies. The OCC, as part of a landmark development for the industry, had just given conditional approval last week to crypto custodian Anchorage to make the nation’s first federally chartered digital asset bank.

The potential director of the OCC was an advisor to Ripple Labs

Barr is now Dean of the Ford School of Public Policy at the University of Michigan. Additionally, he was part of the Treasury Department of the Barack Obama administration, where he worked on banking regulations related to the Dodd-Frank Act. Moreover, Barr joined Ripple Labs Advisory Board in 2015, although it is not known if or when he left that role.

As Barr has spent a great deal of time in the industry of cryptocurrencies and has acquired great experience, he is expected to bring his crypto experience to the US OCC as well. He may change the OCC’s attitude toward the cryptocurrency industry. It might also be a piece of good news for Ripple which is having a legal fight with the Securities and Exchange Commission (SEC), an independent agency of the United States. The firm also seems to be very optimistic regarding the new administration of Joe Biden. Ripple’s Chief Executive Officer said in a statement that they are looking forward to working with the new team for innovation of cryptocurrencies and blockchain technology in US.

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