The Trump administration, supported by major US crypto firms, has largely dismantled the Consumer Financial Protection Bureau, leaving consumers vulnerable.
The recent departure of a high-ranking US consumer protection regulator comes amid concerns that market participants, including crypto holders, are being left to fend for themselves.
On June 10, Cara Petersen, acting enforcement director of the Consumer Financial Protection Bureau (CFPB), reportedly resigned with a scathing letter criticizing President Donald Trump’s administration, namely the “thoughtless” cutbacks at the agency pushed by the Department of Government Efficiency (DOGE).
Republican lawmakers and the White House have promised to streamline the CFPB, ensuring it would protect consumers while not stifling innovation. Prominent figures in the crypto industry have also attacked the agency; Coinbase CEO Brian Armstrong called it “unconstitutional.”
