美联储负责监管的副主席迈克尔·巴尔辞职，理由是该职位存在争议风险

巴尔辞职距离支持加密货币的当选总统唐纳德·特朗普就职不到两周。

The Federal Reserve Board has announced that Michael S. Barr is resigning from his position as Vice Chair for Supervision. In a statement, Barr said he is stepping down to avoid any potential disputes over the position, which could distract from the Fed’s “mission.”

美联储委员会宣布迈克尔·巴尔 (Michael S. Barr) 辞去监管副主席职务。巴尔在一份声明中表示，他将辞职，以避免对该职位产生任何潜在争议，这可能会分散人们对美联储“使命”的注意力。

“The position of vice chair for supervision was created after the Global Financial Crisis to create greater responsibility, transparency, and accountability for the Federal Reserve’s supervision and regulation of the financial system. 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.”

“监管副主席职位是在全球金融危机后设立的，目的是为美联储对金融体系的监督和监管赋予更大的责任、透明度和问责制。职位争议的风险可能会分散我们对使命的注意力。在当前环境下，我决心以州长的身份更有效地为美国人民服务。”

Barr’s resignation comes less than two weeks before pro-crypto President-elect Donald Trump’s inauguration. In 2023, during a speech at the Peterson Institute for International Economics in Washington, D.C., Barr highlighted the “special risks” associated with stablecoins, pushing for stricter regulations on the asset class.

巴尔辞职距离支持加密货币的当选总统唐纳德·特朗普就职不到两周。 2023 年，巴尔在华盛顿特区彼得森国际经济研究所发表演讲时强调了与稳定币相关的“特殊风险”，推动对该资产类别进行更严格的监管。

“Stablecoin issuers seek to have—but don’t—some of the same characteristics as federally insured bank deposits. Stablecoin issuers represent that their liabilities can be redeemed on demand at par, a dollar for a dollar. In fact, however, the assets backing the liability can fluctuate in value… The banks we regulate, in contrast, are well protected from bank runs through a robust array of supervisory requirements.

“稳定币发行人试图拥有——但没有——与联邦保险银行存款相同的一些特征。稳定币发行人表示，他们的债务可以按面值（一美元兑换一美元）按需赎回。然而，事实上，支持负债的资产的价值可能会波动……相比之下，我们监管的银行通过一系列严格的监管要求得到了很好的保护，免受银行挤兑的影响。

“Consider the consequences if a stablecoin not subject to appropriate supervision and regulation were to be adopted as a widespread means of payment, which some stablecoin developers state as a goal. Stablecoins have the potential to scale quickly because of network effects. An unregulated, unsupervised, deposit-like asset could create tremendous disruptions, not just for financial institutions but for people who might rely on the coin if it were to get wide adoption.

“考虑一下如果不受适当监督和监管的稳定币被采用作为广泛的支付手段的后果，一些稳定币开发商表示这是一个目标。由于网络效应，稳定币具有快速扩展的潜力。一种不受监管、不受监督的类似存款的资产可能会造成巨大的破坏，不仅对金融机构，而且对那些如果要广泛采用这种代币可能会依赖这种代币的人来说也是如此。

“We must learn from the past to ensure that we do not allow for new forms of unregulated private money subject to classic forms of run risk, and with the associated spillovers and systemic implications for households, businesses, and the broader economy.”

“我们必须吸取过去的教训，确保我们不会允许新形式的不受监管的私人资金遭受传统形式的挤兑风险，并对家庭、企业和更广泛的经济产生相关的溢出效应和系统性影响。”