Former Ripple Board Member appointed by Joe Biden as Financial Controller
The former Ripple board member is expected to succeed Brian Brooks and become the next head of the Financial Controller (OCC).
A crypto industry player becomes the head of the regulatory body
According to the Wall Street Journal, Michael S. Barr, who previously held a position at the U.S. Treasury Department in the Obama administration, is Joe Biden’s top choice as the next OCC chief. This appointment to the role of Comptroller of the Currency will charge Barr with overseeing and regulating national banks, as well as issuing legal regulations. Barr also served on Ripple’s board of directors in 2015, although he no longer works for the fintech firm.
He will become the second manager with experience in the field of cryptocurrency to be appointed to the position of financial controller. Previously, the head of the OCC, Brian Brooks, who worked under the Trump administration, was very supportive of cryptocurrency, publicly declaring support for decentralized finance and the blockchain sector. He vouched for DeFi, saying that decentralization is an unstoppable force, and will permanently destroy the financial sector, potentially replacing banks in the long run.
Now that a former Ripple executive has stepped in, cryptocurrency advocates hope the gap between traditional banking institutions and the crypto sector will be narrowed. Under the new administration, many in the industry also expect more inclusive policies for cryptocurrencies.
The new change of the president leads to the fall of BTC
In recent weeks, the main cryptocurrency has undergone strong volatility, reaching almost $ 42,000 only to pull back. Industry experts have determined the level of 40 000 thousand dollars. as a crucial mark that Bitcoin must overcome if it is to continue its bullish ascent.
While some speculated that Bitcoin would undoubtedly rise to new heights with the support of a wave of institutional investors touting the cryptocurrency as the perfect hedge against inflation, others argued that Bitcoin was in bubble territory (similar to the deja vu) characteristic of the 2017 collapse. Bitcoin is currently trading on CoinMarketRate at $ 3,733. 38 at the time of writing, and it has fallen by about 8% in the last 7 days.
Many are wondering: Will Joe Biden be more crypto-friendly than Trump?
Joe Biden and Kamala Harris have officially taken office. With Biden’s arrival as president, the Financial Crime Network’s (FinCEN) regulatory proposal for undistributed cryptocurrency wallets has been effectively frozen, much to the relief of many in the industry.
The regulatory restriction on cryptocurrency wallets was proposed by Steven Mnuchin, the now-departed US Treasury Secretary. Many viewed and criticized his actions as an attempt to implement a policy of tightening before the end of his term in office.
Now when a new administration has come to power, many hope that this will only mean good for Bitcoin and cryptocurrencies.