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Biden to nominate former Ripple adviser as Vice Chair of Fed
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Biden to nominate former Ripple adviser as Vice Chair of Fed

XRP's community is bullish

Apr 15
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Biden to nominate former Ripple adviser as Vice Chair of Fed
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Fed Regulatory Nominee Michael Barr in His Own Words - WSJ

U.S. President Joe Biden President Joe Biden has announced his plans to nominate Michael Barr, former advisor at blockchain company Ripple Labs, to serve as the Federal Reserve’s chief banking supervisor.

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In the position, created in 2010 as part of the Dodd-Frank Act, Barr would be in charge of developing policy recommendations regarding bank supervision and regulation for the Fed's board of directors .

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Given Barr’s previous experience in the crypto industry, the majority of crypto enthusiasts reacted positively to the announcement on social media.

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“Barr has strong support from across the political spectrum — and has been confirmed by the Senate on a bipartisan basis,” said President Biden. “He 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.”

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While the official announcement didn't mention Barr's background in the blockchain industry, back in 2015, Barr joined the advisory board of Ripple Labs, the company behind Ripple, a blockchain-based digital payment network and protocol with its own cryptocurrency, XRP.

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“I’m excited to be joining the Advisory Board of Ripple Labs,” Barr said when he joined Ripple. “Our global payments system is badly outdated. I think innovation in payments can help make the financial system safer, reduce cost, and improve access and efficiency for consumers and businesses alike.”

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