Top Anti-Crypto Federal Reserve Official Michael Barr Resigns
Michael Barr, the Vice Chair for Supervision at the Federal Reserve, left his role on Monday. The move was celebrated by crypto enthusiasts who have constantly accused him of advocating for anti-crypto policies.
Why Did Barr Resign?
Although Barr has stepped down, he will continue to be a member of the Federal Reserve Board of Governors. But why did he leave office? His departure has been fueled by the incoming Donald Trump’s government, which seeks to appoint pro-crypto figures to key US federal regulatory agencies.
As mentioned, crypto advocates have welcomed Barr’s resignation. Florida Blockchain Business Association founder Samuel Armes said on X that the news was ‘a huge win’ for the digital asset industry. He also urged the incoming US President to fire all Joe Biden appointees and appoint those unbiased toward the industry.
Barr’s Tenure at the Federal Reserve
As a top Federal Reserve official, Barr had significant power over the American banking system, which many crypto companies rely on to process onramp and offramp transactions for their customers.
Numerous crypto gurus have blamed him for shutting out some blockchain-based firms from financial institutions by pressuring various banks to restrict their interactions with those companies. However, it is unclear if Barr used his office to directly pressure financial institutions to cut ties with crypto companies.
Nonetheless, Gemini top official Patrick Liou believes that Barr has actively participated in making the US crypto environment hostile in the past four years. He claims that most American businesses have refrained from partnering with crypto companies under his regime as they fear being targeted by his office.
More Resignations Announced
Barr’s resignation announcement comes nearly a month after another anti-crypto figure in Biden’s administration, Gary Gensler, revealed plans to leave office later this month. The US Securities and Exchange Commission Chair will step down on January 20, with pro-crypto Paul Atkins expected to replace him.
Similarly, Democratic Commissioner at the agency, Jaime Lizarraga, said in November that he would resign on January 19 to take care of her ailing wife. Now, analysts expect more anti-crypto officials in agencies like the IRS, FinCEN, and the Department of Treasury to leave office in the coming months.
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