U.S. Federal 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.