Michael Barr, a former US Treasury official and previously a key member of Ripple’s advisory board, will replace Brian Brooks as the Head of the Office of the Comptroller of the Currency (OCC), according to a report by the Wall Street Journal. Cryptocurrency XRP spiked 5% following the news.
According to the report, US President Joe Biden will nominate Barr soon. If nominated and confirmed, Barr will become one of the few individuals in the US administration with strong knowledge about cryptocurrencies. He joined Ripple as an advisor in 2015 and worked closely with the core team of Ripple Labs.
“I’m excited to be joining the Advisory Board of Ripple Labs. Our global payments system is badly outdated. I think innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike,” Barr said at the time of joining Ripple Labs.
Barr has broad experience in regulation and policymaking. He worked as the US Department of the Treasury’s assistant secretary for financial institutions under Barack Obama. He is currently serving as a Dean of the Gerald R. Ford School of Public Policy at the University of Michigan.
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Impact on XRP
XRP has lost more than 50% of its value since the SEC’s lawsuit against Ripple in December 2020. The cryptocurrency plunged after several exchanges around the world started delisting XRP for US customers. Ripple CEO Brad Garlinghouse announced to fight against the SEC’s decision and showed optimism regarding the new administration in the US.
“We’re ready to work with SEC leadership and the broader Biden administration to chart a path forward for blockchain and crypto innovation in the US,” Garlinghouse tweeted.
The recent news had a positive impact on XRP as the cryptocurrency jumped above $0.30. XRP has a market cap of more than $13 billion and the digital asset is now up more than 30% since the start of 2021.