Today the Wall Street Journal reported that President Biden is expected to nominate Michael Barr to the role of Comptroller of the Currency at the OCC, one of the main banking regulators. He was previously on the advisory board of Ripple. Barr will replace Acting Comptroller Blake Paulson, who took over the role last week from Brian Brooks, former Chief Legal Officer at Coinbase, who held the OCC position in an acting capacity for eight months.
Barr is no longer with Ripple, which is currently being sued by the SEC, which asserts that the XRP cryptocurrency is a security.
The professor is currently the Dean of Public Policy at the University of Michigan. In the Obama administration, he was the Assistant Secretary for Financial Institutions at the Department of Treasury. During that time, he was an architect of the Dodd-Frank Act, which addressed post-financial crisis regulation.
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