- Biden seems to nominate Michael Barr, the former board member of Ripple, as the head of the OCC
- Barr, with such a past profile, has the potential to take office, replacing Brian Brook
- The news of Barr’s nomination helped the price of XRP to surge by 5%
Michael Barr, a key member of Ripple’s advisory board, will be nominated as the head of the Office of the Comptroller of Currency (OCC) after Brian Brooks. The news was revealed via a report by The Wall Street Journal, following which the price of Ripple’s native token surged by more than 5%. If Barr gets nominated and selected, he will become one of the very few administration people with strong knowledge of cryptocurrencies.
The OCC needs such experienced figure like Barr
Back in times of Obama’s administration, Barr was the United States Department of the Treasury’s assistant secretary for financial institutions. Before that, Barr also had joined Ripple Labs as an advisor in working with the firm’s core team. He is fond of blockchain innovations, as at the time of joining Ripple’s Barr highlighted that the global payments system is badly outdated. Currently the former Ripple board member is serving as the Dean of the Gerald R Ford School of Public Policy at the University of Michigan. However, following Barr’s profile, it is observed that he has broad experience in regulations and policy making.
The news impacted the price of XRP
Last month XRP, as the native token of Ripple, has lost more than 50% of its value due to the lawsuit filed by the US SEC. Later on, Brad Garlinghouse, the CEO of the Ripple, showed optimism regarding the new Biden administration. However, several crypto exchanges globally started to delist the token and halt trading for US users. Since the news of Michael Barr’s nomination as the head of OCC spread in the economy, it is found the plunging token surged by more than 5% to.
The recent price performance of XRP
As the news of Barr’s nomination got spread in the cryptosphere, the price of XRP crossed the price level of $0.3. Furthermore, the token’s total market capitalization is also observed surging more than 30% since this New Year. However, at press time, the token trades at the price level of $0.27 after drowning steadily. And the market capitalization of the token has an intraday drop by more than 4%.