Federal Reserve bank regulator Michael Barr to step down
Fed’s Barr once said the Federal Reserve would “likely view it as unsafe and unsound for banks to directly own crypto-assets on their balance sheets.”
The United States Federal Reserve’s Michael Barr is set to resign as vice chair for supervision — marking the latest exit by a US official apparently linked to “Operation Chokepoint 2.0” — a purportedly concerted federal effort to debank crypto companies.
Barr’s resignation will take effect on Feb. 28 — or earlier, if a successor is appointed, he said in a Jan. 6 letter addressed to US President Joe Biden.
Barr will, however, continue to serve as a member of the Federal Reserve Board of Governors.
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Author: Brayden Lindrea
