Odaily News Crypto-friendly U.S. Treasury Secretary Scott Bessent quickly hit the ground running after assuming the role of acting director of the U.S. Consumer Financial Protection Bureau (CFPB). Now, Bessent has essentially put the CFPB on lockdown.
Staff will cease any litigation, investigation or enforcement proceedings and refrain from making public statements. The effective date of any previously approved rules will also be suspended, according to a memo.
The shift is seen as particularly beneficial to the crypto industry, which was also a target of former CFPB Director Rohit Chopra. The CFPB last month proposed expanding the agency’s electronic money regulation to include cryptocurrencies.
While it is unlikely that the rule will ever be finalized, even the existence of such a proposal could affect pending litigation matters. The language in the proposal could also be adopted by states, several of which already have nearly identical electronic funds transfer statutes.
The Trump administration has not yet nominated anyone to serve as CFPB director. (Blockworks)
Yesterday, it was reported that US Treasury Secretary Scott Bessent is currently serving as the acting director of the US Consumer Financial Protection Bureau (CFPB), indicating that the Trump administration may shift the strict law enforcement and regulatory approach under Rohit Chopra. Chopra was previously fired by the Trump administration. The Biden-era appointee imposed billions of dollars in fines and consumer compensation on banks such as Wells Fargo, Goldman Sachs and Citigroup during his tenure.