Michael Barr, a member of the Federal Reserve Board, recently announced his resignation from his position as Vice Chairman for Supervision, approximately two weeks before the incoming administration takes office. According to the statement from the Federal Reserve, Barr will officially vacate his role as Supervision head on February 28th. This development has sparked significant discourse regarding potential implications for the cryptocurrency sector.
New Era For Federal Reserve and Crypto Relationship?
As per the latest announcement, Michael Barr will continue to serve as a part of the Federal Reserve’s Board of Governors. Given his background in overseeing the banking sector, Michael Barr is renowned for his firm views on industry-related regulatory matters.
To clarify, he has consistently championed the implementation of regulations for stablecoins within the U.S. It’s worth mentioning that his resignation from his role as bank supervisor occurred during discussions about President Donald Trump not intending to re-nominate him.
According to Fox Business Journalist Eleanor Terrett’s analysis, Michael Barr continues to be a key figure fueling the tense dynamic between the Federal Reserve and the cryptocurrency sector.
Although some in the cryptocurrency sector view Michael Barr as an ally to Senator Elizabeth Warren, there’s evidence suggesting he may hold an antagonistic stance towards crypto. This is indicated by his past meetings with Gary Gensler, who currently serves as the Chairman of the Securities and Exchange Commission (SEC).
Nobody met with Gensler more than Barr on a consistent basis.
— Cowboy.X (@cowboycrypto313) January 6, 2025
In November, Michael Gensler stepped down from his position, and President-elect Donald Trump selected Paul Atkins to take over at the Securities and Exchange Commission (SEC). As both Michael Barr and Gary Gensler exit their crucial roles, there’s anticipation that cryptocurrency regulations will undergo significant improvements.
Crypto Industry Winning
As Donald Trump’s inauguration nears in just two weeks, there’s a strong argument that the cryptocurrency sector is thriving. Despite the constraints set by the Federal Reserve that contributed to the closure of Silvergate Bank, many predict significant changes ahead.
To begin with, Coinbase Exchange has provided the sector with evidence suggesting regulatory excess. In a recent disclosure, Coinbase obtained unredacted FDIC documents revealing that banks were instructed by the regulators to restrict cryptocurrency companies.
As a crypto investor, I’m advocating for a comprehensive investigation into Operation Chokepoint 2.0, a proposed action that could potentially include the Federal Reserve. This exploration is being urged by industry leaders to ensure transparency and fairness in our financial ecosystem.
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2025-01-06 21:56