迈克尔·巴尔从美联储辞职：比特币反应良好

好消息是，巴尔被认为是想要托管或使用加密货币的银行的主要障碍之一。

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

比特币和加密货币的好消息不断传来，不仅来自美国证券交易委员会，现在也来自美联储。

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

事实上，据悉，美联储负责监督事务的副总裁迈克尔·S·巴尔(Michael S. Barr)将辞职。

🚨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 董事会宣布迈克尔·巴尔 (Michael Barr) 辞去监督副主席职务。巴尔将继续留在董事会。作为沃伦的助手，巴尔被广泛认为是银行无法与……合作的一个重要原因。

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，巴尔被认为是想要托管或使用加密货币的银行的主要障碍之一。

Barr's resignation from the Fed: Bitcoin reacts well

巴尔辞去美联储职务：比特币反应良好

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.

迈克尔·巴尔 (Michael Barr) 自 2022 年 6 月起担任美联储负责监管的副总裁。他是在民主党总统拜登执政期间任命的，一直是民主党人伊丽莎白·沃伦 (Elizabeth Warren) 的盟友，后者是美国反对加密货币行业的主要政客。

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.

他的辞职将于 2 月 28 日起生效，届时在特朗普新任共和党总统任期内，他很可能会被一位支持加密货币的人物取代。

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

不过，巴尔将作为美联储理事会成员继续留任，但这并不那么重要。

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.

美联储负责对某些金融机构进行监督、监测、检查和检查，以确保其遵守规则和规定并安全、稳健地运营。因此，美联储的监管是专门针对金融机构的。

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.

美联储监管的变化可能意味着对想要直接持有或使用 criptovalute 的美国金融机构施加的约束和限制将大幅放松。

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

因此，巴尔的辞职可能标志着加密货币行业的一个新转折点，这次是关于银行机构采用的转折点。

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

关于比特币的机构采用和美联储的作用的说明

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

然而，在这种具体情况下，必须强调一个重要的区别。

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

通常，比特币的机构采用是指机构投资者使用比特币作为投资形式。

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，在涉及美联储监管的案件中，主要包括银行代表客户对比特币和加密货币的管理。事实上，如果任何私人机构想要投资比特币，现在就可以这样做，前提是它用自己的资金和比例来投资，以免风险太大。

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.

问题在于美国金融机构有可能直接向客户提供加密服务，而不必依赖专门的第三方公司。

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，现货比特币 ETF 的机构管理者将 BTC 存放在第三方机构级服务的钱包中，例如 Coinbase Custody，这限制了可以提供的服务，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，如果美联储对金融机构的监管改变策略，它可能会开始允许这些机构直接个人持有并因此使用其加密货币，特别是其客户拥有的加密货币。

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，银行本身有可能在未来为客户提供直接从经常账户存入或提取比特币的能力，以及直接从经常账户买卖比特币的能力。

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.

到今天为止，其实这在美国是不可能的，说实话，在其他很多国家也是如此。全球范围内提供类似服务的银行仍然很少。

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 正在做类似的事情，然而，PayPal 并不是管理数千亿美元客户资金的传统大型银行。

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，摩根大通的资产管理规模超过3.4万亿美元，远远超过了比特币的总市值。

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.

摩根大通已经提供加密服务，但它是通过依赖第三方服务来实现的，尽管它已经在自己的基础设施上工作了一段时间。

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”.

当摩根大通应该将直接加密服务集成到所有客户的活期账户中时，那时我们就可以真正拥有“银行中的比特币”。

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

将你的比特币交给银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.

事实上，比特币的发明正是为了能够脱离银行系统，但自我托管实际上并不适合所有人。

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.

确实，真正有能力安全自我监护的人还只是一小部分。对于其他人来说，唯一现实的选择是依赖可靠的托管人，至少直到人们对该工具有足够的信心，也能够进行自我托管。

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

因此，这确实是一个矛盾，但有两个缓解因素。

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，它允许数百万人或数十亿人进入加密货币领域，否则他们将被完全切断。

The second is that, once you enter through

第二个是，一旦你进入