Biden Will Name Ex-Ripple Advisor As The OCC Head: Report

Biden will name ex-ripple advisor as to the new OCC head, replacing Brian Brooks as the current Comptroller of the Currency so let’s find out more in today’s Ripple news.

Former OCC head Brian Brooks resigned a week ago and President Biden will name ex-ripple advisor Michael Barr to the post.  Barr is a former treasury official that has ties to Ripple. According to the reports, President Biden is expected to nominate Barr to serve as the new Comptroller of the Currency. Similar to his predecessor, Barr will bring crypto experience to the Office of the Comptroller of the currency which is an office that regulates national banks and credit unions.
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In addition to working on Dodd-Frank banking reforms because of the 2008 financial crisis, when he was Assitant Secretary for Financial Institutions at the Treasury when Barr was named an advisor to Ripple Labs in 2015:

 “I’m excited to be joining the Advisory Board of Ripple Labs. Our global payments system is badly outdated. I think innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike.”

Ripple has a huge stake in XRP Which is the fifth-biggest cryptocurrency by market cap and this caught the SEC’s attention. The agency sued Ripple Labs in December and two of its executives for more than $1 billion in relation to the alleged sales of unregistered security or the XRP token. Barr is no longer listed as an advisor to the company but ripple didn’t respond immediately for comment. The outgoing OCC head Brian Brooks had links to the crypto industry as well so before taking over the role back in May, he was Chief Legal Officer of Coinbase.

During his short term, Brooks looked to bring crypto into the mainstream finance world while late in his tenure, the OCC issued guidance that the banks will be able to use blockchains and stablecoins for payment activities. However, Brooks took some punches from plenty of Congressional Democrats who objected t his cryptocurrency focus in the pandemic while the Treasury struggled t distribute stimulus payments to the people of the United States.

As for Brooks, The US Comptroller of the Currency promised plenty of good news for crypto starting from 2021 and even assured the community that the regulators are doing what they can to not killing the crypto industry. OCC’s Brian brooks said that regulators have no plans to ban BTC and hinted at more positive news after the end of Donald Trump’s presidential term.