According to the Wall Street Journal, Michael Barr, a former treasury official, could take the head of federal banking supervision.
A name is circulating
Like his predecessor, Barr would bring his cryptocurrency background to the Office of the Comptroller of the Currency (OCC). Indeed, it is an office of the US Treasury Department. This office regulates the country’s banks and credit unions. Under Brooks, the OCC is issuing a series of regulatory guidelines addressing how domestic banks can interact with the crypto space.
In addition, under the former legal director of Coinbase, the OCC clarifies that all US banks can offer custody services for cryptocurrencies. However, Brooks has been criticized by a handful of Congressional Democrats. They criticized its focus on cryptography in light of the COVID-19 pandemic.
Nonetheless, the news was received positively by the crypto community. She expects Barr to continue with the OCC’s crypto protection policies. The OCC, as part of a landmark development for the industry, had just given conditional approval last week to crypto custodian Anchorage to create the nation’s first federally chartered digital asset bank.
The potential director of the OCC was an advisor to Ripple Labs
Barr is currently Dean of the Ford School of Public Policy at the University of Michigan. In addition, he was part of the Treasury Department of the Barack Obama administration, where he worked on banking regulations related to the Dodd-Frank Act. Additionally, Barr joined Ripple Labs Advisory Board in 2015, although it is not known if or when he left that role.
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