Michael Barr Resigns as Federal Reserve Vice Chair Following Criticism on Crypto and Banking Regulation

In a recent update, the Federal Reserve Board has announced that Michael S. Barr will be stepping down from his position as Vice Chair for Supervision. However, he will continue to serve as a member of the Board of Governors.

According to Fox Business Journalist Eleanor Terett, Barr’s close association with Senator Elizabeth Warren has been seen as a major obstacle for banks in their engagement with and management of crypto assets.

Senator Tim Scott has criticized Barr for his failure to ensure the safety of the banking system, pointing to the bank failures in Spring 2023 and the problematic Basel III Endgame proposal. He stated his willingness to collaborate with President Trump to ensure the appointment of responsible financial regulators.

Tags: Crypto Regulations