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- Federal Reserve Board Vice Chair for Supervision Michael Barr has said he will step aside next month
- His departure has been hailed as a “huge win” for the crypto space
- The role carries influence over the US banking system, which has been actively anti-crypto under his watch
The resignation of Federal Reserve Board Vice Chair for Supervision Michael Barr has been described as another “huge win” for the crypto space. Samuel Armes, founder of the Florida Blockchain Business Association, told Decrypt that Barr’s decision to step down represents another step forward for the crypto space, given Barr’s association with the Biden administration. Barr announced yesterday that he would step aside next month, citing the “risk of a dispute over the position” as the reason for his decision.
Barr Worried About “Risk of Dispute” of His Role
Barr took up his position in July 2002, with the role itself created after the Global Financial Crisis to create greater responsibility, transparency, and accountability for the Federal Reserve’s supervision and regulation of the financial system. However, the role has come under scrutiny in recent years given the length of time that has passed since the 2008-09 financial crisis, and Barr cited this as the reason for this departure:
The risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.
While Barr’s role was not directly related to crypto regulation, he was responsible for many aspects of the US banking system, a system that, it has recently been revealed, has been doing all it can in recent years to stifle the adoption of digital assets. As such, Armes believes that Barr’s departure represented the removal of another barrier with regard to crypto adoption in the US:
We need to clean out any Elizabeth Warren and Biden-associated appointees…to ensure the [federal government] goes back to being unbiased toward our industry.
No successor has been announced and crypto supporters will be hoping that Donald Trump keeps his word and maintains his pro-crypto approach when it comes to high-ranking appointments.
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