Saturday, December 2, 2023

Biden To Nominate Former Ripple Advisor As FED Vice Chair

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President Joe Biden to nominate former Ripple advisor to the FED vice-chair, law professor Michael Barr as we are reading more in our latest cryptocurrency news today.

The law professor Michael Barr got nominated to become the next vice chair for supervision of the Federal Reserve and he is a former advisor to Ripple. Now, President Biden to nominate will mean a new chair for the Federal Reserve according to the announcement from the White House. In the position created in 2010 as a part of the Dodd-Frank Act, Barr will be responsible for developing policy recommendations about the supervision and regulation of banks for the FED board. The move perked the interest of crypto supporters and naysayers alike because of Barr’s ties to the industry.

Barr joined Ripple’s advisory board in 2015 after he worked at the US Department of Treasury as an advisor to Bill Clinton and the assistant secretary for financial institutions under Obama. Barr said in 2015 when he joined Ripple:

“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 Our global payments system is badly outdated.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.”

michael barr
Michael Barr

Ripple Labs created XRP in 2012 and it is now the sixth biggest crypto with a $37.5 billion market cap after the news of Barr’s nomination, XRP was up by 8% and it is possible one of the few coins that it is not in the red over the past 24 hours. In 2020, the US SEC filed a lawsuit against Ripple for raising $1.3 billion via the sale of XRP. Earlier this week, the judge on the case over the SEC lawsuit ruled that the regulator will have to release internal emails that contain evidence of the conflict of interest. The emails were obtained by a nonprofit whistleblower Empower Oversight show the former SEC official was told a few times not to meet with the former employer Simpson Thatcher who sit on the ETH Enterprise Alliance. After being at Ripple, Barr held an advisory seat at LendingClub:

“Lending Club’s platform is very innovative and consumer-friendly. The platform offers borrowers a fixed interest rate and fully amortizing loans that help consumers pay down their debt each month.”

Neither of the crypto advisory positions appeared on the 30-page curriculum vitae that includes six different law clerk positions from the 1990s. This is not the first time Barr was floated for a post in Biden’s administration because he was supposed to be replacing Brian Brooks as the Comptroller of the Currency.

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