Michael Barr is not under consideration to take over Brian Brooks’ position because the U.S. Treasury Division’s Comptroller of the Foreign money.
Barr confronted a “a torrent of opposition from liberal Democrats,” Bloomberg reported this week.
His work for cryptocurrency firms was a part of his undoing, the New York Occasions added that very same day.
An Obama-era treasury official, Barr was “opposed by progressives who see him as too average and are cautious of his work for cryptocurrency firms,” the Occasions’ DealBook column said.
As a former member of worldwide funds processor Ripple’s advisory board, Barr was a part of a trio of crypto-connected monetary regulators nominated or into consideration by the administration of President Joe Biden. Former MIT digital asset and blockchain professor Gary Gensler is within the technique of being confirmed as chairman of the Securities and Alternate Fee (SEC), whereas DC Fintech Week convention head Chris Brummer is alleged the be the selection to steer the Commodity Futures Buying and selling Fee (CFTC).
The Workplace of the Comptroller of the Foreign money, which oversees the nation’s largest banks together with Citigroup and JPMorgan Chase, got here to prominence within the cryptocurrency business when Brooks stepped down as basic counsel of Coinbase to take up the position on final March.
Throughout his 10-month tenure as Performing Comptroller, Brooks made plenty of vastly essential rulings, together with letting banks custody cryptocurrency and use stablecoins to make funds—the latter main USDC-issuer Circle’s CEO Jeremy Allaire to tweet “[t]his is a HUGE approach to begin 2021.” Brooks additionally granted cryptocurrency custodian Anchorage the business’s first federal financial institution constitution.
Stablecoin regulation turned a target of progressive congressional Democrats like Rep. Rashida Tlaib (D-MI), and Brooks’ actions led American Banker to explain him as “one of the crucial energetic and controversial interim regulatory chiefs in latest reminiscence.”
An assistant treasury secretary for Monetary Establishments below President Barak Obama, Barr helped write the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted robust reforms of monetary laws within the wake of the 2008-2009 prime mortgage disaster.
He’s at the moment Dean of the Gerald R. Ford Faculty of Public Coverage on the College of Michigan, in addition to a professor at its regulation college, the place he teaches monetary regulation and worldwide finance. He co-founded the varsity’s Worldwide Transactions Clinic.