A former Ripple (XRP) new big boss of US banks? Biden is coming, and things will change
Coin toss for cryptos? – The change of administration in the United States has created, for lack of a doubt, a real suspense while waiting to find out what Bitcoin Evolution the future holds for cryptos. The important position of Comptroller of the Currency (OCC) could be filled by Michael Barr, who was an advisor to Ripple, among others.
A pro-crypto at the head of US bank regulation?
The game of musical chairs continues in the US after Brian Brooks stepped down as Comptroller of the Currency last week. Brooks (a former Coinbase employee) had shown many – unfortunately late – signs of recognising cryptomoney.
It will be remembered that at the beginning of January, the OCC authorised traditional banks to connect to public blockchains and to carry out transactions in stablecoins.
According to a Wall Street Journal publication, Joe Biden is considering the appointment of Michael Barr to the position of currency controller.
Will Michael Barr always be so crypto-friendly?
The former Treasury Department official was also a member of the advisory board of Ripple Labs, the company that issued the controversial XRP token. Michael Barr said at the time, in 2015 :
„Our global payments system is very outdated. I believe that innovation in payments can help to make the financial system safer, more efficient, reduce costs and improve banking, for individuals and businesses alike. »
The whole question will be to find out whether he has always been in favour of crypto-actives in the meantime – if he is the one who is named.
Between this new appointment at the head of the OCC and the arrival of Gary Gensler as Chairman of the Securities and Exchange Commission (SEC), there has been quite an upheaval in the key positions of the most powerful US regulators. There is no choice but to be patient to find out what the sauce will be for cryptomoney in the United States… which will most certainly influence its regulation on a global scale.