Former Ripple adviser Michael Barr has been promoted to head of US banking supervision

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Good for cryptocurrencies? – Following the retirement of former Federal Reserve Governor Sarah Bloom Raskin, US President Joe Biden announced his intention to appoint the former Obama administration official to office. The law professor Michael Barr could thus take the place of Central Bank Vice President for Supervision. Indeed, this supervisory Federal Reserve seat has been vacant since Governor Randal Quarles’ term ended in October 2021.

Joe Biden puts Michael Barr on the Fed

In an announcement on Friday, April 15, 2022, the White House said Michael Barr will oversee the Federal Reserve. This former Ripple advisor will personally set the regulatory agenda for his leadership. Barr served on Ripple Labs’ advisory board from 2015 to 2017. He also served as the Treasury Department’s assistant secretary for financial institutions under former President Barack Obama. She has also taught financial regulation to University of Michigan students. According to the White House, he was too “A key architect” of the Dodd-Frank law. This legislation continues to influence financial policy in the United States.

Barr has strong support from across the political spectrum and has been validated by the Senate on a bipartisan basis. He understands that this work is not biased, but plays a vital role in regulating our country’s financial institutions to ensure that Americans are treated fairly and to protect the stability of our economy.

Joe Biden, president of the United States

Michael Barr, former Ripple advisor, appointed as a member of the US Federal Reserve by President Joe Biden.
Michael Barr’s pedigree heralds good news for crypto

He wanted the American president swiftly advance Barr’s appointment. He was urgent, he said, as the post had been vacant since the Fed governor’s term ended in October 2021. Ohio Senator Sherrod Brown, who chairs the Senate Banking Committee, said he will support the nomination. . . The latter in fact mentioned the need for a Full Board of Directors of the FED “.

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A complex situation for the Senate

It is unclear whether partisanship could play a role in the potential nomination of Michael Barr through the committee and a full vote in the Senate. Raskin, Biden’s first choice as vice president, withdrew his name from consideration in March. In particular, he mentioned relentless attacks from special interests . According to him, Republican lawmakers held hostage his appointment since February. At the time, Republican members of the Senate Banking Commission even boycotted the meeting. The latter aimed to advance Biden’s choices for a vote in the Senate.

“The Vice President of Oversight plays a vital role in protecting our financial system and must prioritize strong financial regulation. He must identify and anticipate the risks to our economy.

Sherrod Campbell Brown, Senator from Ohio

Michael Barr, former Ripple advisor, appointed as a member of the US Federal Reserve by President Joe Biden.
Joe Biden appoints Michael Barr, former Ripple advisor to the FED.

The Senate has no Biden choices not yet confirmed for the president. Nor for the vice president and the two governors of the FED for that matter. They are Jerome Powell, Lael Brainard, Lisa Cook and Philip Jefferson respectively. Powell has been acting president since February 4 in the absence of a full vote in the Senate. Brainard, meanwhile, is a member of the Fed’s board of directors.

There are more and more players in the cryptosphere a enter the political sphere. Will it be good for Bitcoin and cryptocurrencies? The future will tell! Pending, President Joe Biden appears determined to advance cryptocurrency regulation. Which is quite a good thing for US users.

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