Biden to appoint former Ripple adviser as Fed vice chair for supervision
Michael Barr, a former advisor to Ripple from 2015 to 2017, has been selected by President Biden to be the next vice chair for supervision of the Federal Reserve, according to the White House.
"Barr understands that this job is not a partisan one, but one that plays a critical role in regulating our nation’s financial institutions to ensure Americans are treated fairly and to protect the stability of our economy," said Biden.
Barr also served as the Treasury Department’s assistant secretary for financial institutions under Barack Obama and taught courses on financial regulation at the University of Michigan.
Ripple is still in a legal battle with the SEC that began in December 2020. The SEC alleges Ripple conducted an illegal securities offering through sales of XRP. CEO Brad Garlinghouse recently said that things went "exceedingly well," predicting that the outcome will be favorable for Ripple.
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