The Office of the Comptroller of the Currency aka OCC had been in and out of the headlines following the appointment and resignation of Brian Brooks, the outgoing head of the OCC. While Brooks was elected as the interim head of the OCC, reports suggest that Joe Biden who recently swore in as the President of the USA has another person who has had connections with the crypto-verse in mind.
OCC To Onboard Michael Barr
Earlier today, The Wall Street Journal revealed that Michael Barr was in Biden’s list to take over as the Comptroller of the Currency. The report suggested that Barr had an array of experience in various fields. While the potential head of OCC currently works at the University of Michigan as the dean of public policy, he had previously served Obama as the assistant treasury secretary for financial institutions. He was best known for aiding the process of crafting the 2010 Dodd-Frank Act.
Similar to Brooks, Barr also has an affiliation with the crypto industry. Barr was reportedly part of the Advisory Board of Ripple Labs. Barr’s previous association with the crypto industry could aid the adoption and growth of the crypto industry.
Elected by the former President of the USA, Donald Trump, Brian Brooks, had time and again urged the US government to be more accepting of the cryptocurrency industry. Brooks’ association with the crypto-verse dates back to when he was serving as the Chief Legal Officer of the prominent cryptocurrency exchange, Coinbase. Brooks even got into trouble with the members of the Congress for being too inclined towards the crypto market.
The value of the cryptocurrency industry is higher than ever. The over all market cap of the crypto industry recently surged past $1 trillion. With the crypto markets prevailing, the adoption of these assets have been on a surge.