Today, Michael S. Barr, who currently serves as Vice Chair for Supervision at the Federal Reserve, has decided to step down from his role. Barr will no longer hold the third-ranking position on the Board of Governors, but he plans to continue working at the Fed until future notice.
In the industry’s view, Barr is often seen as a significant factor preventing U.S. banks from participating in cryptocurrency and related activities.
Barr Leaves Fed Board Position
As stated in a recent announcement, his resignation won’t be official until the 28th of February, or until a replacement has been appointed. But, if they manage to find a new Vice Chair for Supervision promptly, Barr will continue to serve on the Federal Reserve board.
His tenure doesn’t end automatically until the year 2032. However, this situation might present a significant chance for implementing cryptocurrency regulations.
I’ve found it both an honor and a privilege to serve as Vice Chair for Supervision at the Federal Reserve Board. The potential controversy surrounding this position might divert our focus from our primary objectives. In light of current circumstances, I believe I can better serve the people of America in my role as governor.
Barr is frequently labeled as a “follower” of Senator Elizabeth Warren, who is well-known for her opposition towards cryptocurrency. Throughout his time at the Federal Reserve’s Board, he demonstrated similar animosity. In the year 2023, he spearheaded an effort to regulate stablecoins and made it clear that he wanted to prevent crypto from being integrated into the banking industry.
Furthermore, while whispers about certain Board members advocating for Central Bank Digital Currencies (CBDCs) surfaced in early 2024, Barr stood as the most vocal opponent dismissing the notion. Since then, anti-cryptocurrency legislative actions have only served to hinder the development of a US CBDC. This situation underscores some of the challenges faced by pro-crypto advocates within federal regulators.
“Michael Barr is the sole Biden/Warren appointee left who designed OperationChokePoint 2.0 within a federal financial agency. In Washington, it was widely assumed that Trump would dismiss him. As Vice Chair for Supervision at the Fed, his tenure was marked by controversy and criticism,” stated Wall Street analyst Caitlin Long (previously Twitter).
Nevertheless, the Federal Reserve serves as the United States’ central banking institution, playing a crucial part in monetary policy. Nonetheless, it retains the potential to be a strong partner within the industry. Notably, Barr is merely one of seven board members, and some of these individuals have exhibited relatively favorable dispositions.
In other words, a month ago, the Chairman of the Federal Reserve, Jerome Powell, made a comparison between Bitcoin and gold. Interestingly, some of his most recent monetary policy decisions have been advantageous for the Bitcoin industry.
Furthermore, President-elect Trump pledged to revamp the regulatory approach towards cryptocurrencies, and he has indeed replaced key personnel in various departments.
As a crypto investor, I’ve taken note of Barr’s declaration that the Board won’t push through significant rule changes until a new vice chair for supervision has been confirmed. In simpler terms, they’re saying they’ll hold off on making any major decisions regarding regulations until the right person is in place to oversee these matters.
During President Biden’s remaining time in office before an election, some significant measures have been introduced to curb the pro-cryptocurrency policies of the previous administration. Although the Federal Reserve is expected to remain relatively silent on the matter until Biden’s new term commences.
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2025-01-06 23:53