Michael Barr, a former Ripple adviser, is set to assume one of the most important U.S. regulatory roles after winning Senate confirmation to be vice chairman for supervision at the Federal Reserve.
Barr, who was a key Treasury Department official during the administration of former President Barack Obama, will take over as the leading U.S. banking watchdog, where he’ll have a say in how the traditional financial system interacts with cryptocurrencies – especially stablecoins, the lifeblood of crypto transactions.
President Joe Biden nominated Barr in April for what could be the most powerful job in financial regulation. The Senate confirmed his nomination Wednesday in a 66-28 vote. The Fed supervises Wall Street banking and – since the 2010 Dodd-Frank Act – also has a duty to oversee nonbank financial firms that play an outsized role in the financial system. Though he’ll technically be outranked by Fed Chair Jerome Powell, the chairman has said publicly that he’ll defer to the vice...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...