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 “Our global payments system is badly outdated.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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