According to Beincrypto reports on January 7, Michael Barr, the Federal Reserve’s Vice Chairman of Supervision, announced today that he will resign from this position. Barr will no longer serve as the third-ranking official on the Fed's Board of Governors, but he intends to remain at the Fed until further notice. The industry generally believes that Barr is one of the key factors in the failure of U.S. banks to get involved in cryptocurrency and related services. According to a recent press release, his resignation will be effective on February 28 or when his successor is confirmed. However, Barr will remain on the Fed's board even if a new vice chair for supervision is found soon. His term was supposed to end naturally in 2032. However, this may be an important opportunity for cryptocurrency regulation. He claimed: "It is an honor to serve as Vice Chairman for Supervision of the Board of Governors of the Federal Reserve. Controversy over this position threatens to distract from our mission. In the current environment, I believe it is better to serve the American people from the position of Governor Effective.” In 2023, Barr led a crackdown on stablecoins and expressed a desire to “keep cryptocurrencies out of the banking industry.”