TechFlow news — On January 7, according to BeInCrypto, Michael Barr, Vice Chair of the Federal Reserve for Supervision, announced he will resign from this role. Barr will no longer serve as the Fed's third-highest official overseeing supervision, but will remain on the Federal Reserve Board. His term was originally set to run until 2032. However, this may present a significant opportunity for cryptocurrency regulation. He stated: "It has been an honor to serve as the Federal Reserve’s vice chair for supervision. The controversy surrounding this position may distract from our mission. In the current environment, I believe I can better serve the American people by focusing on my responsibilities as a governor."
It is reported that Barr is widely seen in the industry as one of the key figures preventing U.S. banks from engaging in cryptocurrency and related services. In 2023, Barr led efforts to crack down on stablecoins and expressed a desire to "keep crypto out of banking."
