U.S. Federal Reserve Vice-Chair for Supervision Michael Barr has resigned, triggering reactions from lawmakers and crypto leaders who criticize his stance on digital assets. Barr's departure comes before President-elect Donald Trump's return to office. While he will leave his supervisory role at the end of February, he will remain on the Federal Reserve Board of Governors. Barr's tenure was marked by conflicts with the crypto industry, particularly his efforts to grant the Federal Reserve regulatory power over digital assets. Critics argue that his policies have hindered U.S. financial institutions' engagement with the cryptocurrency sector.
U.S. Fed eral Reserve Vice-Chair for Supervision Michael Barr has announced his resignation from the position ahead of President-elect Donald Trump’s return to the White House.
Barr has served as the Fed’s Vice Chair for Supervision since July 2022. The office was created in the aftermath of the 2008 Global Financial Crisis to offer more transparency and accountability for the U.S. central bank’s supervision and regulation of the country’s financial system. Barr once stated that the monetary authority would likely deem it “unsafe and unsound” for banks to hold crypto-assets directly on their balance sheets. Many in the industry blame that perspective for limiting the ability of U.S. financial institutions to engage with the cryptocurrency sector.from the Federal Deposit Insurance Corporation through legal efforts by Coinbase seem to bolster these claims.
FED Michael Barr Crypto Regulation Resignation
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