Michael Barr, a former Ripple advisor, could become the new head of the Office of the Comptroller of the Currency (OCC), The Wall Street Journal has reported citing sources familiar with the matter.
If he is finally appointed for the post, he will become the successor to Brian Brooks, a former Coinbase executive who has been in charge of the institution from May 2020 to January 2021.
Barr has previously worked for the administration of former US president Barack Obama as Treasury Department's assistant secretary for financial institutions.
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The OCC is an independent branch of the Treasury Department and regulates all domestic banks, as well as federal branches of foreign banks.
Barr served on Ripple's advisory board in 2015, however, it is unknown when he left the company, which is currently in the midst of a legal battle with the US Securities and Exchange Commission (SEC), which accuses the company of selling unregistered securities.