On January 7th, according to Beincrypto, Federal Reserve Vice Chairperson of Supervision Michael Barr announced today that he will step down from the position. Barr will no longer serve as the third-in-command of the Federal Reserve Board of Governors, but he intends to remain at the Federal Reserve until further notice. Barr is widely regarded in the industry as one of the key factors in Bank of America's failure to enter the cryptocurrency and related services. According to a recent press release, his resignation will take effect on February 28 or when his successor is confirmed. However, even if a new vice-chair for regulation is found soon, Barr will remain on the Fed board. His tenure was supposed to end naturally in 2032. However, this may be an important opportunity for cryptocurrency regulation. "It is an honor to serve as vice-chair for regulation of the Federal Reserve Board of Governors," he claimed. "The controversy over the position could distract us from our mission. In the current environment, I think it would be more effective to serve the American people from a position of governor." In 2023, Barr led the crackdown on stablecoins and expressed a desire to "keep cryptocurrencies out of banking."