Former Ripple board member to potentially lead OCC. Former U.S Treasury Department and one time member Ripple’s board of advisors Michael S. Barr, could potentially be the next Comptroller of the Currency, the Wall Street Journal reported Wednesday.
If selected by the U.S. Senate, Barr will succeed Brian Brooks, former Coinbase executive who served as Acting Comptroller for the last half of 2020. At present, Barr is a dean at the University of Michigan Ford School of Public Policy. The news follows days after Politico first reported that Barr was under consideration, alongside law professor Mehrsa Baradaran.
Barr would become the second individual with a crypto connection to lead the federal banking regulator, if he is selected into position.
Under Brooks, the OCC also published a number of interpretative letters and finalized a Fair Access rule. Advocates of crypto believe that this rule can bring the industry closer to the traditional financial system by making it easier for these startups to tap banking services.
Some of these interpretive letters would also let banks participate in the cryptocurrency ecosystem by using stablecoins for payments or acting as node operators on blockchain networks.