Ex-Ripple adviser Michael Barr promoted to head of US banking supervision


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

Joe Biden places Michael Barr at the Fed

In a Friday, April 15, 2022 announcement, the White House said Michael Barr would oversee the Federal Reserve. This former Ripple adviser will set the regulatory agenda for his leadership himself. Barr served on the advisory board of Ripple Labs from 2015 to 2017. He also served as the Treasury Department’s Assistant Secretary for Financial Institutions under former President Barack Obama. He also taught financial regulation to students at the University of Michigan. According to the White House, he was also “a key architect” of the Dodd-Frank Act. This legislation continues to influence financial policy in the United States.

“Barr has strong support from across the political spectrum and was validated by the Senate on a bipartisan basis. He understands that this work is non-partisan, but plays a critical 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’s pedigree heralds good news for cryptos

The American president wanted quickly advance Barr’s nomination ». It was urgent, he said, as the post had been vacant since the Fed governor’s term ended in October 2021. Ohio Sen. Sherrod Brown, who chairs the Senate Banking Committee, said he would support the nomination. . The latter indeed cited the need for a Full FED Board of Directors “.

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A complex situation for the Senate

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

“The Vice President of Oversight plays a critical role in protecting our financial system and must prioritize strong financial regulation. He must identify and stay ahead of the risks to our economy (…) I will support this key candidate, and I urge my fellow Republicans to abandon their old manual of personal attacks and grandstanding and pass the Americans and their wallets first. »

Sherrod Campbell Brown, Senator from Ohio

Michael Barr, former Ripple adviser, appointed to the US Federal Reserve by President Joe Biden.
Joe Biden appoints Michael Barr, former adviser to Ripple at the FED.

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

There are more and more players in the cryptosphere a enter the political sphere. Will this be good for Bitcoin and cryptocurrencies? The future will tell ! Waiting, President Joe Biden seems determined to advance regulation around crypto-assets. Which is rather a good thing for US users.

Will the appointment of a former Ripple adviser to the Federal Reserve be beneficial to the regulation of cryptos in the United States? Wait and see.. One thing is certain, by registering now on SwissBorgyou benefit from an exceptional bonus of up to €200 in cryptocurrencies (affiliate link, for a minimum deposit of €50).



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