On January 7, news reported by Beincrypto stated that Michael Barr, the Vice Chairman for Supervision of the Federal Reserve, announced today that he will resign from this position. Barr will no longer serve as the third in command of the Federal Reserve Board, but he intends to remain at the Federal Reserve until further notice. It is widely believed that Barr is one of the key factors behind the failure of U.S. banks to enter the cryptocurrency and related services market. According to a recent press release, his resignation will take effect on February 28, or after his successor is confirmed. However, even if a new Vice Chairman for Supervision is found quickly, Barr will continue to stay on the Federal Reserve Board. His term was supposed to end naturally in 2032. Nevertheless, this may be an important opportunity for cryptocurrency regulation. He stated, "It has been an honor to serve as the Vice Chairman for Supervision of the Federal Reserve Board. The controversy surrounding this position may distract us from our mission. In the current environment, I believe serving the American people from the Board as a director would be more effective." In 2023, Barr led the crackdown on stablecoins and expressed a desire to "exclude cryptocurrencies from the banking sector."