Ripple sees the light! Anonymous sources claim: "Former Ripple advisor" to take over as Chief Counsel at the US currency regulator OCC

According to The Wall Street Journal, citing anonymous sources, former Treasury Department official and member of the Ripple Advisory Board, Michael Barr, may become the latest Comptroller of the Currency at the Office of the Comptroller of the Currency (OCC). This appointment would undoubtedly bring relief to Ripple, which has previously faced regulatory challenges.

Former Ripple Advisor Michael Barr

According to an official announcement from Ripple, Michael Barr was appointed as a member of Ripple Labs' advisory council in 2015, focusing on advancing innovation in the payment sector.

Barr is a law professor at the University of Michigan and serves as the dean of the Ford School of Public Policy. He has held positions in various private sectors, government agencies, and non-profit organizations. Barr stated:

Our global payment system is outdated. I believe that innovation in the payment sector can make the financial system more secure, reduce costs, and increase accessibility and efficiency for consumers and businesses.

Possible Nominee by Biden

An anonymous source cited by the Wall Street Journal indicated that U.S. President Biden may nominate Michael Barr as the new Comptroller of the Currency (OCC). However, the White House transition team declined to comment on this, so further confirmation could not be obtained.

In addition to his experience prior to joining Ripple as an advisor, Barr previously served as a senior advisor to the Treasury Secretary during the Obama administration and was involved in the promotion of the Dodd-Frank Act. It was also rumored that Barr was one of the potential candidates for the new chairman of the SEC.

XRP Price Shows No Significant Response

Earlier reports stated that the U.S. Southern District Court of New York has set February 22 this year as the date for the SEC's lawsuit against Ripple for selling unregistered securities. However, as time has passed, the pressure from the lawsuit on the market and investors has gradually decreased.

Although XRP did not show a positive reaction to the possibility of Michael Barr becoming the OCC Comptroller, its price has also moved away from the initial low point after the incident,recovering to the $0.3 level.

Furthermore, with the U.S. administration transition completed, Ripple CEO Brad Garlinghouse emphasized active communication with the new officials earlier this month. Based on current information, Ripple may successfully navigate through this challenging period.