From Cointelegraph
June 11, 2025 12:12:00 am:

The top enforcement official at the US Consumer Financial Protection Bureau has resigned, accusing the Trump administration of undermining the agency’s mission in a fierce farewell email. The administration’s overhaul, including attempts to cut 90% of the workforce, has hindered the agency’s ability to ensure financial transparency, fairness, and competitiveness for consumers.

The dismantling of the CFPB could impact the crypto industry, leading to less oversight and more uncertainty. The agency was created after the 2008 financial crisis to regulate financial companies and address complaints about US crypto exchanges. Regulatory unpredictability under Trump, similar to his tariff policies, has left many in the industry unsure of how to plan operations.

Republicans and Democrats are divided on the effectiveness of the CFPB. Republicans see the agency as wielding excessive power with insufficient oversight, while Democrats view it as essential for consumer protection and financial market regulation. Major cases against corporations like Walmart and Capital One have been dropped, signaling a retreat from corporate accountability and consumer protections.

The legality of Trump’s actions regarding the CFPB is still being reviewed by a federal appeals court in Washington DC. Amid Trump’s downsizing efforts, 1,400-1,500 CFPB staff received termination notices, but a judge intervened to temporarily block the layoffs. The uncertainty surrounding the agency’s future has created challenges for staff and the financial industry.

Read more at Cointelegraph: CFPB Top Enforcer Calls Out Trump In Resignation Email