The crypto industry is likely to receive good news soon when word spreads that former member of the Ripple advisory board is the Currency Supervisor.
According to sources, Michael Barr, who is also a former Treasury Department official, is expected to be the choice of US President Joe Biden to replace Brian Brooks.
Informed as a currency controller, Barr will play the role of administrator of the federal banking system and at the same time be the chief officer of the Office of the Currency Controller (OCC).
Barr was previously a member of the Ripple Labs Advisory Board in 2015. Throughout his tenure, the figure has been seen as active in innovating in the payment sector.
For now, there is no comment from the White House, the Treasury Department and Barr himself on the news.
If elected, Michael Barr is the second individual to have a crypto background after Brooks resigned as chairman of the OCC last week.
At the same time, a lecturer and also a law professor from the University of California, Mehrsa Baradaran was also nominated for the post.
In addition to Brooks, Biden also nominated crypto expert Gary Gensler for the post of chairman of the Securities and Exchange Commission (SEC), replacing Jay Clayton.
