邁克爾·巴爾從美聯儲辭職：比特幣反應良好

好消息是，巴爾被認為是想要託管或使用加密貨幣的銀行的主要障礙之一。

Good news continues to arrive for Bitcoin and cryptocurrencies, not only from the SEC but now also from the Fed.

比特幣和加密貨幣的好消息不斷傳來，不僅來自美國證券交易委員會，現在也來自聯準會。

It has in fact been learned that Michael S. Barr, the vice president for supervision of the Board of the Federal Reserve, will resign.

事實上，據悉，聯準會負責監督事務的副總裁邁克爾·S·巴爾(Michael S. Barr)將辭職。

🚨NEW: The @federalreserve Board has announced the resignation of Michael Barr as the vice chair for supervision. Barr will remain on the board of governors. A Warren acolyte, Barr was widely considered to be a big part of the reason why banks have been unable to engage with…

🚨新消息：@federalreserve 董事會宣布 Michael Barr 辭去監督副主席職務。巴爾將繼續留在董事會。作為沃倫的助手，巴爾被廣泛認為是銀行無法與…合作的一個重要原因。

The good news is that Barr is considered one of the main obstacles for the banks that wanted to custody or use crypto.

好消息是，巴爾被認為是想要託管或使用加密貨幣的銀行的主要障礙之一。

Barr's resignation from the Fed: Bitcoin reacts well

巴爾辭去聯準會職務：比特幣反應良好

Michael Barr has been vice president for supervision at the Fed since June 2022. He was appointed during the administration of Democratic President Biden and has always been an ally of Democrat Elizabeth Warren, who is the main U.S. politician fighting against the crypto sector.

邁克爾·巴爾(Michael Barr) 自2022 年6 月起擔任美聯儲負責監管的副總裁。是美國反對加密貨幣產業的主要政客。

His resignation will be effective starting from February 28, and at that point under the new Republican presidency of Trump, it is very likely that he will be replaced by a pro-crypto figure.

他的辭職將於 2 月 28 日起生效，屆時在川普新任共和黨總統任期內，他很可能會被一位支持加密貨幣的人物取代。

Barr will remain in office, however, as a member of the Board of Governors of the Fed, but this is less important.

不過，巴爾將作為聯準會理事會成員繼續留任，但這並不那麼重要。

The Federal Reserve is responsible for the supervision, monitoring, inspection, and examination of certain financial institutions, to ensure that they comply with the rules and regulations and operate in a safe and sound manner. Therefore, the Fed's supervision is specifically directed at financial institutions.

聯準會負責對某些金融機構進行監督、監測、檢查和檢查，以確保其遵守規則和規定並安全、穩健地運作。因此，聯準會的監管是專門針對金融機構的。

A change in the Fed's oversight could mean a significant easing of the constraints and limits imposed on US financial institutions that want to directly hold or use criptovalute.

聯準會監管的變化可能意味著對想要直接持有或使用 criptovalute 的美國金融機構施加的約束和限制將大幅放鬆。

Barr's resignation could therefore mark a new turning point for the crypto sector, this time regarding institutional adoption by banks.

因此，巴爾的辭職可能標誌著加密貨幣行業的一個新轉折點，這次是關於銀行機構採用的轉折點。

A note on the institutional adoption of Bitcoin and the role of the Fed

關於比特幣的機構採用和聯準會的作用的說明

In this specific case, however, an important difference must be highlighted.

然而，在這種具體情況下，必須強調一個重要的區別。

Usually, institutional adoption of Bitcoin refers to the use of BTC as a form of investment by institutional investors.

通常，比特幣的機構採用是指機構投資者使用比特幣作為投資形式。

Instead, in the cases concerning the supervision of the Fed, the management of Bitcoin and cryptocurrencies by banks on behalf of their clients is mainly included. In fact, if any private institution wanted to invest in BTC, it could already do so now, provided it does so with its own funds and with percentages such as not to raise the risks too much.

相反，在涉及聯準會監管的案件中，主要包括銀行代表客戶對比特幣和加密貨幣的管理。事實上，如果任何私人機構想要投資比特幣，現在就可以這樣做，前提是它用自己的資金和比例來投資，以免風險太大。

The problem was in the possibility for US financial institutions to provide their clients with crypto services directly, without having to rely on specialized third-party companies.

問題在於美國金融機構有可能直接向客戶提供加密服務，而不必依賴專門的第三方公司。

For example, institutional managers of spot Bitcoin ETFs hold the BTC in wallets of third-party institutional-level services, such as Coinbase Custody, and this limits the services that can be offered, also increasing costs.

例如，現貨比特幣 ETF 的機構管理者將 BTC 存放在第三方機構級服務的錢包中，例如 Coinbase Custody，這限制了可以提供的服務，也增加了成本。

If, on the other hand, the Fed's supervision of financial institutions were to change strategy, it could begin to allow the same institutions to directly and personally hold, and therefore use, their cryptocurrencies, and in particular those owned by their clients.

另一方面，如果聯準會對金融機構的監管改變策略，它可能會開始允許這些機構直接個人持有並因此使用其加密貨幣，特別是其客戶擁有的加密貨幣。

What comes to mind, for example, is the possibility that banks themselves may offer their customers in the future the ability to deposit or withdraw BTC directly from their current accounts, as well as buy and sell them always directly from the current account.

例如，我想到的是，銀行本身有可能在未來為客戶提供直接從經常帳戶存入或提取比特幣的能力，以及直接從經常帳戶買賣比特幣的能力。

As of today, in fact, this is impossible in the USA, and to tell the truth, it is also the case in many other countries. There are still very few banks around the world that offer a similar service.

到今天為止，其實這在美國是不可能的，說實話，在其他很多國家也是如此。全球範圍內提供類似服務的銀行仍然很少。

Something similar is being done, for example, by PayPal, which, however, is not the classic large bank that manages thousands of billions of dollars of its clients’ funds.

例如，PayPal 正在做類似的事情，然而，PayPal 並不是管理數千億美元客戶資金的傳統大型銀行。

For example, JPMorgan Chase has an AUM exceeding 3.4 trillion dollars, which is much more than the entire market capitalization of Bitcoin.

例如，摩根大通的資產管理規模超過3.4兆美元，遠遠超過了比特幣的總市值。

JPMorgan Chase already offers crypto services, but it does so by relying on third-party services, even though it has been working on its own infrastructure for some time.

摩根大通已經提供加密服務，但它是透過依賴第三方服務來實現的，儘管它已經在自己的​​基礎設施上工作了一段時間。

At the moment when JPMorgan Chase should integrate direct crypto services within the current accounts of all their clients, that's when we could really have “Bitcoin in banca”.

當摩根大通應該將直接加密服務整合到所有客戶的活期帳戶中時，那時我們就可以真正擁有「銀行中的比特幣」。

Handing over your BTC to a bank seems like a total contradiction.

將你的比特幣交給銀行似乎是完全矛盾的。

Bitcoin in fact was invented precisely to be able to do without the banking system, but self-custody is actually not for everyone.

事實上，比特幣的發明正是為了能夠脫離銀行系統，但自我託管其實並不適合所有人。

Indeed, those who are truly capable of self-custody safely are still only a small part of the population. For everyone else, the only realistic alternative is to rely on a reliable custodian at least until one has gained enough confidence with the tool to also be able to do self-custody.

確實，真正有能力安全自我監護的人還只是一小部分。對其他人來說，唯一現實的選擇是依賴可靠的託管人，至少直到人們對該工具有足夠的信心，也能夠進行自我託管。

It is therefore indeed a contradiction that, however, has two mitigating factors.

因此，這確實是一個矛盾，但有兩個緩解因素。

The first is that it allows entry into the crypto sector for millions, or billions of people, who would otherwise be completely cut off.

首先，它允許數百萬人或數十億人進入加密貨幣領域，否則他們將被完全切斷。

The second is that, once you enter through

第二個是，一旦你進入