According to CNBC, in his first policy speech, the new vice chairman of the Federal Reserve Board of Governors, Michael Barr, said that his priorities include pushing Congress to fully regulate stablecoins, or cryptocurrencies linked to other assets (usually currencies). Heightened scrutiny of the crypto industry and the risks it poses, “like other unregulated private currencies, stablecoins may pose financial stability risks.” Foresight News previously reported that in July the U.S. Senate voted to pass Michael Barr's proposal to serve in the Federal Reserve. He previously served as a former Ripple consultant and served in the Treasury Department during the Obama administration. His proposal to serve in the Federal Reserve was proposed by current President Biden. .