The American crypto community is still awaiting the right candidate to resume office as the head of the Office of Comptroller of the currency. While there are so many federal regulators that guide how things are done in the country, the office comes with a lot of glamour.
The office has recently been in the news for the last few years due to the graphs that it is plotting on how to merge both the Fintech and the crypto space into the American financial ecosystem. Even though that has been the much-discussed topic for a while now, the new topic for discussion is the right person who would pick up the mantle and lead the office.
Micheal Barr ruled out of the race
Before the updates that came in last week, it looked like the Biden administration had already picked the right candidate in Michael Barr. Barr used to be an official in the treasury office during the Obama administration, and he has been tipped to snatch the position from other people silently vying for it. Many in the crypto sector had applauded the rumored move as they believed that Barr would follow in the footsteps of Brian Brooks, the previous head of the regulatory agency.
One such reason is the previous records that Barr had while he was the advisor of Ripple, a payment platform that uses its native coin, XRP, to facilitate cross-border transactions. While that is the case for some people, others also argued that Barr might not be the right person for the job due to his coziness with the Fintech space.
However, all hopes that Barr might take the reins have been thrown into the ocean, going by a recent report compiled by Bloomberg. In the report, Bloomberg cited that even though those at the white house had initially considered Barr, they gave ruled him out eventually.
Baradaran has spoken ill about Bitcoin in the past
Another report by American Bankers mentioned that most of the allies of the current administration with the president failing to hook up one of their candidates with the vacant slot. In the report, they mention that with Barr now out of contention, the next person rumored to be considered is Mehrsa Baradaran.
While Baradaran is known as an outsider who has achieved fame as an author, most people have argued that she got fame across the United States for her posts about the injustice meted out to people of color in the country’s banking system. The progressives believe that if Baradaran is to be appointed as the head of the OCC, it would not only be a win for the people of color, she would also be the first black woman to lead the race.
It would also be a huge win for them as progressives. While that is much desired, some neutrals feel that the appointment could have a hazardous ripple effect on the crypto sector. According to a commenter, Baradaran would be a tough choice because she has heavily criticized Bitcoin and other digital assets.
