Michael Barr, the vice chair for supervision of the Federal Reserve and a leading figure in the anti-cryptocurrency movement, has announced his resignation. Barr has been a vocal critic of cryptocurrencies and has played a key role in the regulation of stablecoins. His departure is likely to be welcomed by the cryptocurrency industry, which has been critical of his views. Barr has been a member of the Fed's board since 2022. He is a former Treasury official and law professor. He is known for his comments that he "wants to get crypto out of the banking system." Barr has been instrumental in driving forward the regulation of stablecoins. In 2023, the Fed issued guidance on stablecoins, which are digital assets that are pegged to the value of a fiat currency such as the US dollar. The guidance requires stablecoin issuers to hold sufficient reserves to back their tokens and to be subject to regular audits. Barr's departure is a blow to the anti-cryptocurrency movement. He has been a leading voice in the debate over the regulation of cryptocurrencies, and his departure is likely to weaken the Fed's efforts to crack down on the industry.