Deep Tide TechFlow News, on January 7, according to Beincrypto, Federal Reserve Vice Chair for Supervision Michael Barr announced that he will resign from this position. Barr will no longer serve as the third-ranking member of the Federal Reserve Board, but he will remain 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 Vice Chair 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 position of a board member would be more effective.”
It is reported that the industry generally believes that Michael Barr is one of the key factors behind the failure of American banks to enter the cryptocurrency and related services market. In 2023, Barr led the crackdown on stablecoins and expressed a desire to 'exclude cryptocurrencies from the banking sector.'