President Biden Appoints Former Ripple (XRP) Advisor Michael Barr To Be The Fed's Deputy Candidate, Influence On XRP Price?

Ripple XRP cryptocurrency. (Pixabay)

JAKARTA – Former Ripple Labs adviser Michael Barr was appointed by President Joe Biden to be the candidate for vice chairman of the Federal Reserve (The Fed) supervisory board. This follows news of Sarah Bloom Raskin's resignation from the post of governor of the Federal Reserve Board.

Quoting Cointelegraph, the White House said Barr was Biden's choice to oversee the Federal Reserve and set the regulatory agenda for its leadership. Barr served on the advisory board of Ripple Labs from 2015 to 2017, then he served as assistant secretary of the Treasury for financial institutions under former President Barack Obama.

In addition, Barr is also a lecturer on financial regulation at the University of Michigan. Barr has been called the “key architect” of the laws that can influence financial policy in the United States.

"Barr has strong support across the political spectrum - and has been confirmed by the Senate on a bipartisan basis," President Biden said.

"He understands that this work is not partisan work, but one that plays an important role in regulating our nation's financial institutions to ensure Americans are treated fairly and to protect the stability of our economy," the US president added.

The previous vice chairman of the Fed, Randal Quarles, ended his term in October 2021. After Quarles' term, the vice-chairman's seat became vacant. President Biden himself intends to speed up Barr's candidacy for the post.

Meanwhile, the chairman of the Senate Banking Committee, Ohio Senator Sherrod Brown expressed full support for Barr's candidacy.

"I will support this key candidate, and I strongly urge my fellow Republicans to abandon their old guidelines on personal attacks and sedition and put Americans and their wallets first," Brown said.

The nomination of the former Ripple adviser gave positive sentiment to XRP's own performance. In addition, the Ripple – SEC case also began to find a bright spot where emails related to the controversial statement of former SEC official William Hinman began to be revealed.

At the time of writing, the price of XRP was trading at Rp11,311, an increase of 4.3 percent in the past week. XRP's price performance is starting to get fresh again as the case goes on in favor of Ripple. This happened at a time when Bitcoin was experiencing a decline.