ChainCatcher news, according to Beincrypto, Federal Reserve Vice Chairman for Supervision Michael Barr announced today that he will resign from this position. Barr will no longer serve as the third highest official on the Federal Reserve Board, but he intends to remain at the Federal Reserve until further notice. It is widely believed in the industry that Barr is one of the key factors behind U.S. banks' failure to engage in cryptocurrency and related services.
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 serve on the Federal Reserve Board. His term was supposed to naturally end in 2032. However, this may be an important opportunity for cryptocurrency regulation. He stated, 'It has been my honor to serve as the Vice Chairman for Supervision of the Federal Reserve Board. Controversy regarding this position may distract us from our mission. In the current environment, I believe serving the American people from the position of a board member would be more effective.' In 2023, Barr led the crackdown on stablecoins and expressed a desire to 'exclude cryptocurrencies from the banking sector.'