🚨NEW: Michael Barr, the soon-to-be former @federalreserve Vice Chair for Supervision, addressed debanking and #crypto at the Council on Foreign Relations in New York this afternoon. In response to @andrewrsorkin's reference to Jamie Dimon's comments that regulators put pressure on banks not to do business with certain clients, Barr said the Fed tries to play "straight up the middle" on these issues: "If you do it right, you can do it. And if you don't do it right, then you shouldn't be doing it." Here's the full quote: "You know, we try very much at the Fed to, kind of play straight up on the middle on these issues. So, we have institutions, banks of all sizes supervised by the Fed that are engaged in crypto related activities, either themselves directly or supporting clients who do crypto work. Our expectation is they do that in a safe and sound way and in compliance with the consumer laws and in compliance with laws against money laundering and terrorist financing. And if they do that, that's fine with us." "We have a novel supervision program designed to supervise institutions in this space to make sure we have the expertise we need to do that right. And we have institutions doing it, and then we have other institutions that did it wrong and got themselves into trouble, either because of AML, BSA problems or because they were unable to meet the liquidity needs of their clients, and they went out of business. So, to me at least, it's just straight up the middle risk management and banking. If you do it right, you can do it. And if you don't do it right, then you shouldn't be doing it." Barr also said he's never personally seen evidence of customers being debanked over their political views. Last month, Barr announced he would step down from his role as Vice Chair for Supervision on February 28, but will remain on the Board of Governors with his term lasting until 2032.