It looks like President Joe Biden will appoint another former crypto executive to head the Office of Currency Controller.
According to the Wall Street Journal, a former member of Ripple’s advisory board will likely be the next Currency Controller.
In the report, President Biden is expected to appoint former Treasury Department official Michael Barr as the supreme authority overseeing national banks.
The Currency Supervisor position serves as the head of the federal banking system and is the chief officer of the Currency Supervisor Office (OCC). WSJ described it as one of the most powerful banking regulators:
“The supervisor oversees hundreds of bank inspectors at major US financial companies, making this person one of the most powerful regulators.”
The decision is not clear yet
The official decision has not been finalized yet. If approved, Michael Barr will be the second appointed person with cryptocurrency experience, after former Coinbase executive Brian Brooks, who resigned last week after eight months as the Trump administration’s surrogate controller.
Barr was appointed as a member of the Ripple Labs Advisory Board in 2015. At that time he wanted to stimulate innovation in the payments industry;
“Our global payments system is very old. I think that innovation in payments can help make the financial system more secure, reduce cost, and increase access and efficiency for consumers and businesses alike.
President Biden’s team also served as a law professor at the University of California, Mehrsa Baradaran.
The Biden management has also selected crypto-savvy Gary Gensler as the most likely candidate for the chairmanship of the Securities and Exchange Commission. Former Chairman of the Commodity Futures Trade Commission, it is known that he is extremely positive towards decentralization and financial digitalization.