At this time the Wall Street Journal reported that President Biden is anticipated to appoint Michael Barr to the function of Comptroller of the Forex on the OCC, one of many fundamental banking regulators. He was beforehand on the advisory board of Ripple. Barr will substitute Performing Comptroller Blake Paulson, who took over the function final week from Brian Brooks, former Chief Authorized Officer at Coinbase, who held the OCC place in an appearing capability for eight months.
Barr is now not with Ripple, which is presently being sued by the SEC, which asserts that the XRP cryptocurrency is a safety.
The professor is presently the Dean of Public Coverage on the College of Michigan. Within the Obama administration, he was the Assistant Secretary for Monetary Establishments on the Division of Treasury. Throughout that point, he was an architect of the Dodd-Frank Act, which addressed post-financial disaster regulation.
Based on his bio, certainly one of his focus areas is monetary inclusion. He serves on the FDIC Advisory Committee on Financial Inclusion and can also be on the Invoice & Melinda Gates Basis FinTech Advisory Council, amongst quite a few different roles.
Final 12 months together with different teachers, Barr revealed papers on the ‘Central Financial institution of the Future’. Studying by means of part three, the main target can also be on monetary inclusion. The authors imagine this may be achieved by increasing low or no-cost entry to fee programs, enhancing fee velocity, prohibiting predatory practices, decreasing cross border prices, and enhancing interoperability between programs. The paper explored low-cost programs in a number of international locations, from China’s WeChat Pay, Alipay and the digital yuan, to Kenya’s M-Pesa and the Philippines’ eGov Pay.
If nominated and confirmed, there’s a superb probability Barr’s method to digital currencies will probably be coloured by the way it may improve monetary inclusion. And very like one sees greenwashing, he’s unlikely to fall for inclusion-washing.