Former Ripple Board member to potentially lead OCC. Former US Treasury Department and one-time member of Ripple’s Advisory Board Michael S. Barrcould possibly be the next currency converter, the Wall Street Journal reported on Wednesday.
If Barr is chosen by the U.S. Senate, he will be successful Brian Brooks, former Coinbase manager who served as Acting Comptroller for the last half of 2020. Barr is currently the Dean of the Ford School of Public Policy at the University of Michigan. The news follows days later Politico reported first that Barr was considered alongside law professor Mehrsa Baradaran.
Barr would be the second person with a crypto connection to run the federal banking regulator when he is positioned.
Under Brooks, the OCC also published a number of interpretative letters and finalized a fair access rule. Proponents of crypto believe this rule can bring the industry closer to the traditional financial system by making it easier for these startups to take advantage of banking services.
Some of these interpretive letters would also allow banks to participate in the cryptocurrency ecosystem by using stable coins for payments or acting as node operators on blockchain networks.