Altcoins company Ripple’s (XRP) Michael Barr, a former adviser, is poised to take on one of the US’s most important regulatory roles after winning Senate confirmation as the Fed’s vice chairman of audit.
Barr, a key Treasury Department official under former President Barack Obama, with cryptocurrencieshas been appointed to a position where it will have a say in how it interacts with stablecoins, which are the lifeblood of crypto transactions.
President Joe Biden nominated Barr in April for the most powerful role in financial regulation.
While technically subordinate to Fed Chair Jerome Powell, Powell said he would empower the vice president on financial oversight matters.
Former Advisor to Altcoin Company Ripple Might Work On Stablecoins In Her New Position
Barr will have an influential role in global standard-setting bodies and the US Financial Stability Oversight Council, which is evaluating how to approach stablecoins.
If this council of institution heads officially declares tokens as a systemically important financial activity, the group can force member institutions such as the Securities and Exchange Commission (SEC) to regulate them.
Barr will also take office after the TerraUSD boom, which could add some impetus to the government’s efforts to take security measures.
Barr, who is currently dean of public policy at the University of Michigan Law School, will join the Fed with a significant cryptocurrency background, having served on the advisory board of Ripple Labs.
When Barr took up the role in 2015, he said he thought “innovation in payments can make the financial system more secure, reduce costs, and increase access and efficiency for consumers and businesses alike.”