Michael S. Barr, the Federal Reserve’s Vice Chairman for Supervision, announced that he is resigning from his position, effective February 28, 2025, or earlier if his successor is confirmed.
In an official statement made by the Central Bank today, it was stated that Barr will continue to serve as a member of the Federal Reserve Board of Governors.
In his resignation letter to President Joe Biden, Barr described his time as vice president as “an honor and a privilege” but expressed concerns about potential conflicts over the role.
“I have decided that in the current environment, I will be more effective serving the American people as president,” Barr said.
Widely seen as an ally of Senator Elizabeth Warren, Barr has become a leading figure on financial regulation. His cautious stance on cryptocurrencies has drawn criticism from the industry, with many citing his influence as a key reason why banks are hesitant to engage with or provide custody of digital assets.
His departure from the vice chair position could signal a change in the Fed’s approach to crypto regulation, depending on the views of his successor.
Source:bitcoinsistemi.com
