In the US, the Biden administration has nominated Michael Barr, a former adviser to Ripple, the company behind the altcoin XRP, as Deputy Chief of Supervision of the Federal Reserve. The law professor and former Obama administration official has been nominated to replace former candidate Sarah Bloom Raskin, who failed to get Senate confirmation.
US President Biden nominated Ripple’s advisor behind altcoin XRP
The new nominee, current Dean of the school of public policy at the University of Michigan, was the top candidate to be nominated for the office of currency controller , but without success. But this time, he has a good chance of securing the new position. Although he is yet to face the Senate for qualifying, Barr has the backing of President Biden, who has described him as a “qualified candidate to bring years of experience to the job.” Biden also says that Barr has a broad base of support in the political arena and that Barr has promised to complete the first vote as soon as possible.
Similarly, Senator Sherrod Brown, Chairman of the Senate Banking Committee, said he would support Barr, a Democrat, for the position, saying, “I will support this key candidate and my Republican colleagues for personal assault and demagoguery. I strongly urge you to give up playbooks,” he said. Also, Ian Katz, managing director of Capital Alpha, said Barr has a 60 percent chance of getting the position. “Barr is seen by many as more moderate than Sarah Bloom Raskin,” Katz wrote in a note.
What might Barr’s nomination mean for cryptocurrencies?
As Kriptokoin.com, we have covered in our news, the crypto industry in the US has faced many obstacles, most of which are regulatory. It is said that by nominating people inside the cryptocurrency space like Barr, the government may have positive thoughts for the industry as it tries to break into the mainstream. Meanwhile, the Biden administration is now trying to establish a viable regulatory framework for crypto. This bill is thought to go a long way in ensuring that the industry enjoys healthy growth in the country.
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