Crypto industry leaders hailed Michael Barr’s resignation as Vice Chair for Supervision at the U.S. Federal Reserve.
Michael Barr indicated plans to step down from his role at the Federal Reserve on February 28, according to a notice from the U.S. Central Bank on Jan. 6. The announcement noted that Barr will retain his seat on the Board of Governors despite his resignation as the Fed’s Vice Chair for Supervision.
Industry celebrates Michael Barr’s last call
Crypto industry participants enthusiastically welcomed Barr’s exit as another anti-crypto regulator leaves office ahead of Donald Trump’s return to the White House.
Often called the “debanker-in-chief,” Barr was perceived as a major cog in the Operation Choke Point 2.0 machine and a digital asset adversary. Operation Choke Point 2.0, as styled by Castle Island Ventures partner Nic Carter, points to a deliberate collusion between Federal agencies to debank crypto and technology-focused businesses.
Coinbase has fought the Federal Deposit Insurance Corporation in court, obtaining letters that suggest a multi-agency agenda against digital asset startups.
Thought leaders like Custodia Bank CEO Caitlin Long and crypto lawyer James ‘MetaLawMan’ Murphy described the developer as “good news” in the fight for crypto access to banking services. “RIP BOZO,” Castle Island’s Carter tweeted via X, responding to Barr’s decision to step down.
With Barr’s resignation confirmed, all three federal bank regulators, including the FDIC, the Federal Reserve, and the Office of the Currency Comptroller, will see a change of guard. Crypto-friendly regulators could also lead agencies like the Securities and Exchange Commission and key Senate policy committees under Trump.
