Michael Barr steps down as Vice Chairman of the U.S. Federal Reserve for supervision amid criticism from the crypto industry and lawmakers over limiting banks' operations with cryptocurrencies 💼

Michael Barr, Vice Chairman of the U.S. Federal Reserve for supervision, announced his resignation ahead of Donald Trump's return to the White House. His departure has sparked criticism from lawmakers and the crypto industry, accusing him of restricting innovation in the cryptocurrency sector and limiting banks' operations with digital assets. Barr had promoted the idea that banks should not hold cryptocurrency on their balance sheets, which reduced their participation in the crypto market. Senator Cynthia Lummis stated that his actions had harmed the digital sector in Wyoming.