A report indicated that Micheal Barr, a former member of the Ripple Advisory Board, will become the next banking regulator in the United States. Barr, a former assistant to the Secretary of Finance, will become the second person to be connected via cryptocurrency, leading the Office of the Comptroller of Currency (OCC.). Brian Brooks, the recently departed currency auditor, is a former Coinbase executive.

Biden developed the Comptroller by using encrypted relationships

According to the Wall Street Journal, which quoted anonymous sources, Barr’s appointment is likely to come at the cost of law professor Mehrsa Baradaran. Nevertheless, the report still shows that Barr, who is currently the chair of the Public Policy Department at the University of Michigan, could not confirm the report when it was released.

At the same time, the same report explained that, according to reports, Barr assisted in the formulation of the “Dodd-Frank Act of 2010” during his tenure at the US Treasury Department, which is a comprehensive reform of financial supervision following the 2008-09 financial crisis. “

Currently, Barr has become the country’s next top banking regulator, marking the second time that the Biden administration has chosen individuals with a cryptographic background to lead the regulator. A week before rumors that Barr was elected, media reports suggested that the new government was lining up with Gary Gensler as the next chairman of the US Securities and Exchange Commission (SEC). According to reports, during his tenure as the head of the Commodity and Futures Trading Commission, Gensler showed his appreciation for cryptocurrencies.

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Cautiously optimistic

At the same time, crypto enthusiasts reacted positively to the rumored appointments of Gensler and Barr. Some people say this may be a positive sign for the cryptocurrency market, but others warn that there is still much to be done. It is not enough to have knowledgeable individuals. For example, Mercuryo.io co-founder Petr Kozyakov (Petr Kozyakov) explained to news.Bitcoin.com that Gensler’s “deep background in the cryptocurrency field shows that the future of crypto technology is optimistic.”

Nevertheless, Kozayakov still doubts whether the appointment alone can end the uncertainty in space. Instead, he insisted that “a lot of it will depend on the status of digital currencies: commodities or securities.” According to Kozyakov, some of the current challenges in the field “can be passed through the “Digital Commodities” proposed by Texas Congressman Michael Conaway at the end of 2020. “Trading Law” to resolve.”

Similarly, Coinstelegram CEO Anna Tutova believes that “Gary Gensler and Michael Barr’s backgrounds are positive for cryptocurrency regulations.” She added:

Generally, the nomination of people proficient in encryption and financial technology should be positive for the encryption industry.

Regarding the rumored nomination of Barr, Tutova believes that he will continue to follow in Brooks’ footsteps. However, Tutowa suggested that only a sound regulatory ecosystem, infrastructure, and investor protection “will lead to more retail investors pouring into the cryptocurrency industry, thereby expanding mass adoption.”

What are your thoughts on the rumored appointment of Micheal Barr as the head of OCC? You can share your opinion in the comments section below.

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