'Michael Barr, Vice Chair of the US Fed, Who Advocated for Stablecoin Regulation, Announces Resignation... Likely to Step Down by End of February'

Michael Barr, the Vice Chair of the US Federal Reserve (Fed), who has been a strong advocate for the regulation of stablecoins, is set to step down from his position.

According to The Block on the 6th (local time), the Fed announced that Michael Barr will resign as Vice Chair. However, he will continue to serve as a member of the Fed's Board of Governors. His last day in office is expected to be February 28 or earlier, once a successor is appointed.

Previously, Vice Chair Barr expressed concerns about stablecoins being issued without oversight from the local federal government. He argued that since stablecoins are used as currency, not being controlled by a central bank that provides trust in currency is detrimental to financial stability.

Meanwhile, the Fed stated that it does not plan to enact significant regulations until a successor to Vice Chair Barr is confirmed.