PANews reported on January 7 that according to Beincrypto, Michael Barr, the vice chairman of supervision of the Federal Reserve, announced today that he will resign from the position. Barr will no longer serve as the third person in charge of the Federal Reserve Board, but he intends to stay at the Federal Reserve until further notice. The industry generally believes that Barr is one of the key factors that prevented American banks from getting involved in cryptocurrencies and related services.

According to a recent press release, his resignation will take effect on February 28 or once his successor is confirmed. However, even if a new vice chairman for supervision is found soon, Barr will remain on the Fed board. His term was supposed to end naturally in 2032. However, this may be an important opportunity for cryptocurrency regulation. He claimed: "It is an honor to serve as the vice chairman for supervision of the Federal Reserve Board. Controversy over the position may distract us from our mission. In the current environment, I believe it will be more effective to serve the American people from the position of director." In 2023, Barr led the crackdown on stablecoins and expressed his desire to "keep cryptocurrencies out of the banking industry."