ChainCatcher news, Jaret Seiberg of TD Cowen Washington Research Group stated that the resignation of Federal Reserve Vice Chair Barr "is not as much of a victory for big banks as it appears on the surface."Seiberg noted in a report on Monday: "The Democrats will retain their majority on the Federal Reserve Board until early 2026, and given the need to confirm new regulatory officials, it is hard to see significant progress on regulatory easing this year."Barr has called for regulation of stablecoins over the past year and stated that stablecoins "borrow the trust of central banks." "The Federal Reserve is very eager to ensure that any issuance of stablecoins operates within an appropriate federal prudential regulatory framework so that they do not threaten financial stability or the integrity of the payment system," Barr said at a conference in Washington, D.C. in October 2023.For years, lawmakers have been working on legislation to regulate stablecoins, but the crux of the issue lies in how to allocate regulatory authority between state and federal levels. (The Block)In news from yesterday, Federal Reserve's Barr announced that he will resign from the position of Vice Chair for Supervision on February 28, 2025. The Federal Reserve's statement indicated that Barr will continue to serve as a governor of the Federal Reserve but does not intend to engage in significant rulemaking until a successor to the vice chair position is determined. Barr stated in the announcement that the "controversy" surrounding his position could distract the Federal Reserve's focus.

ChainCatcher news, according to Beincrypto, Federal Reserve Vice Chair for Supervision Michael Barr announced today that he will resign from this position. Barr will no longer serve as the third in command of the Federal Reserve Board, but he intends to remain at the Federal Reserve until further notice. It is widely believed in the industry that Barr is one of the key factors behind U.S. banks' failure to engage in cryptocurrency and related services.According to a recent press release, his resignation will take effect on February 28 or after his successor is confirmed. However, even if a new Vice Chair for Supervision is found quickly, Barr will continue to stay on the Federal Reserve Board. His term was supposed to naturally end in 2032. Nevertheless, this may be an important opportunity for cryptocurrency regulation. He stated, "It has been my honor to serve as Vice Chair for Supervision of the Federal Reserve Board. The controversy surrounding this position may distract us from our mission. In the current environment, I believe serving the American people from the Board would be more effective." In 2023, Barr led the crackdown on stablecoins and expressed a desire to "exclude cryptocurrencies from the banking sector."

ChainCatcher news, Michael S. Barr, former advisor to Ripple and current Vice Chair for Supervision at the Federal Reserve, has been appointed by the Federal Reserve Board as the head of oversight and regulatory review for the Silicon Valley Bank case. Michael S. Barr will be responsible for a thorough and comprehensive review of the oversight and regulatory approach to the failed bank, with the results to be publicly released by May 1. (source link)

ChainCatcher news, Federal Reserve Vice Chair for Supervision Michael Barr spoke at DC Fintech Week, stating that activities related to crypto assets need to be supervised, and ensuring that crypto service providers are subject to similar regulatory safeguards as other financial service providers.The Federal Reserve is working with colleagues from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to ensure that crypto asset-related activities that banks may engage in are well-regulated to protect customers and financial institutions. Additionally, stablecoins may pose risks to financial stability, and in this regard, the Federal Reserve is also collaborating with other regulatory agencies. (source link)