Blockchain company of Ripple Labs Michael Barr, his former adviser, was nominated by US President Joe Biden for the position of vice president of audit of the Fed.
Sarah Bloom Raskin, Biden’s first choice, withdrew from the candidacy in March. Democratic senator Joe Manchin of West Virginia had opposed Raskin’s nomination because of his views on the climate.
Manchin’s vote on this issue was significant, as the Democrats had a narrow majority in the US Senate.
Biden’s New Candidate May Not Get Approval From Senators Due To His Crypto-Friendly Attitudes
However, some anti-crypto Democrat Senate members, including Massachusetts senator Elizabeth Warren, may not be sympathetic to Barr’s nomination because of his background at Ripple Labs.
Extremely Bitcoin and cryptocurrency It is not yet clear how Warren, who is known for his anti-Semitic stances, will react to Biden’s new candidate.
Barr, who also served as the assistant secretary for financial institutions at the US Treasury Department in the administration of former President Barack Obama, was appointed as a consultant for Ripple in 2015 after this position.
Barr’s XRP It is not known whether he completely severed his ties with him. Barr has been dean of the University of Michigan Ford School of Public Policy since 2017.
As it is known, Ripple has been fighting a legal battle against the SEC for a long time. Recently, the CEO of the company, Brad Garlinghouse, stated in his statement that the case in question XRP He said that it was going “extremely well” for him and claimed that the result would be in their favor.
*Not investment advice.