The resignation of Michael Barr and other top leaders is opening up new opportunities for the crypto industry in the US, especially as Donald Trump's pro-crypto administration is about to take office.
Michael Barr Resigns: A Positive Sign For Crypto
Michael Barr, Vice Chairman for Supervision of the US Federal Reserve (#Fed ), has announced that he will leave his position on February 28. The decision comes amid the politicization of senior leadership positions at financial regulators, as President-elect Donald Trump prepares to take office.
Barr was once a significant influence on the U.S. banking system, and he was known for policies calling for the implementation of a 'protective barrier' for the digital asset sector. However, crypto businesses argue that his policies have contributed to the rise of 'debanking' – the phenomenon of banks refusing to provide services to crypto companies.
The Wave of Resignations of Anti-Crypto Officials
The departure of Michael Barr came right after the resignation announcement of Gary Gensler, the Chair known for his anti-crypto stance, and Commissioner Jaime Lizárraga at the end of last year.
Additionally, the U.S. Senate Banking Committee has just canceled the reappointment meeting for Caroline Crenshaw, a nominee by Biden for SEC Commissioner – the agency primarily responsible for regulating the crypto market.
Samuel Armes, founder of the Florida Blockchain Association, commented:
"Barr's resignation is a major win. We need to eliminate figures associated with Elizabeth Warren and Joe Biden to ensure that the government returns to a neutral stance towards our industry."
A Big Challenge Still Lies Ahead
Although the personnel changes at the Fed and SEC bring hope, experts say this is only 'a part of the bigger picture' in shaping the future of the crypto industry in the U.S.
Austin Campbell, a professor at NYU Stern, stated:
"Other agencies like the Treasury Department, IRS, and FinCEN still have a significant impact on crypto businesses and investors. Encouraging these agencies to embrace technological transformation to keep the U.S. banking system in line with the world is a much greater challenge."
Expectations Under the Trump Administration
The transfer of power at regulatory agencies is seen as the first step for the crypto industry in the U.S. to enter a new phase. With strong commitments from Donald Trump, including the establishment of a Crypto Council at the White House, the digital asset sector hopes to gain stronger supportive policies, rather than being stifled as it has been in recent years.
Conclusion: The resignation of Michael Barr and other officials presents an opportunity for the crypto industry to reshape itself in the U.S. However, the path to achieving comprehensive support from regulatory agencies still faces many challenges.