Ex-Ripple board member, Michael S. Barr, might be taking up the position of Comptroller of the Currency for President Joe Biden’s administration. This has been reported on Wednesday by Wall Street as Joe Biden’s inauguration ceremony took place on the same day. If this will be confirmed then Barr will be taking up the position of Brian Brooks who served as an Acting Comptroller for the last half of 2020. Ex-Ripple board member Barr is currently serving as the dean at the University of Michigan Ford School of Public Policy.
Michael Barr has also worked in the U.S. Treasury Department during the administration of Barack Obama. During that time, he worked mainly on the bank regulations. Barr had joined Ripple in 2015, however, it was recently confirmed that he is no longer a board member of the firm.
If Barr becomes the Comptroller of the Currency, then he will be the second one in the Biden administration with a crypto connection. Brian Brooks had published several interpretative letters along with finalizing the Fair Access Rule. The crypto industry believes that this is going to help the industry to get close to the traditional financial system.
It is revealed that many of the interpretive letters, introduced by Brooks will allow the banks to take part in the crypto ecosystem. Banks will be able to use stablecoins for payments or they might also become node operators on the blockchain network. The Fair Access Rule has not come yet as it has not been published in the Federal Register. If ex-Ripple board member Barr takes the position of Comptroller of the Currency, then Biden administration is going to be extremely beneficial for the crypto industry.