Crypto-Skeptical Fed Regulator Steps Down

Yesterday, Michael Barr boldly announced he’s stepping down as the Federal Reserve’s Vice Chair for Supervision over concerns of a potential dispute over the role. 

Many crypto enthusiasts have applauded the resignation of the second-highest-ranking Fed regulator in expectation of more relaxed digital asset regulations. 

As the crypto market grows increasingly positive, thanks to Trump’s crypto advocacy and US TradFi leaders dropping like flies, now signals an opportune time to get a piece of the pie.

Best Wallet is a user-friendly, free-to-use crypto wallet worth eyeing if you’re hoping to get started without too many complications. 

Trump Steps In, Fed Ruler Backs Out

According to an official announcement, Barr will effectively resign from being Federal Reserve Board Vice Chair for Supervision on February 28.

Since July 19, 2022, he has supervised financial institutions and collaborated closely with bank regulators to maintain the US financial system’s resilience after the 2008 recession.

Barr hasn’t made his anti-crypto stance a secret. In 2023, he led efforts to keep cryptocurrencies out of the traditional banking system. His attitude has also played a role in blocking any plans for a US digital dollar.

Perhaps it’s no surprise then, in what’s expected to be a more crypto-friendly dispensation, that the Fed regulator decided he’d rather not be VP for Supervision anymore, preferring to focus on his role as a member of the Federal Reserve Board of Governors.

‘The risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor,’ commented Barr. 

Barr’s call comes after the Fed became more politically charged ahead of Donald Trump’s presidential inauguration this month. 

Notably, when the Web3-friendly politician became president-elect, SEC Chairman Gary Gensler also stepped down. Paul Atkins, who is much more pro-crypto, is likely to take his reins. 

Crypto Market Cap Topped $3.91T Last Month

Further suggesting more crypto market optimism is the Binance Research December 2024 report.

Driven by regulatory confidence and institutional adoption, the crypto market cap at large reached its highest point at $3.91T. Its star player, Bitcoin, hit its $108K ATH last month and closed the year with a 123.4% year-to-date (YTD) market cap growth.

Additionally, in the same month, decentralized spot and perpetual trading volumes reached ATHs of $326B and $356B, respectively.

Also fueling ongoing industry hype is the US’ plans to adopt a $BTC strategic reserve asset. Each of these points suggests that now is a prime time to consider investing in crypto. 

Best Wallet – Your Gateway Into Crypto

As the industry continues to only go from strength to strength, there’s no doubt that it’s better to explore crypto and new meme coins sooner rather than later – before their prices spike. 

But there’s a catch: to capitalize on the crypto market’s success, investors must first own a safe, secure, and user-friendly crypto wallet. 

This is where Best Wallet comes in. This easy-to-use, self-custodial, no KYC wallet has been embraced by traders and is poised for explosive growth – as evidenced by its native token, $BEST, raising $6.6M on presale. It sets itself apart from its competitors like Metamask by supporting 70+ blockchain networks and spotlighting compelling presale tokens. 

This cross-chain compatibility enables crypto enthusiasts to diversify their portfolios seamlessly. Also, access to early investment opportunities means investors can buy tokens at their lowest-ever prices, potentially yielding significant returns. 

Holding $BEST is your entrance ticket to the Best Wallet ecosystem, and it’s simple to get. Just head to the official Best Wallet presale website, connect your wallet to the widget, and buy as many tokens as you’d like using either $ETH, $USDT, or fiat. 

However, this is not investment advice. Always DYOR, and never invest beyond your budget.