Elon Musk and the chiefs of some of the cryptocurrency industry’s key organizations have lauded the work being done by the Trump administration to “shut down” the Consumer Financial Protection Bureau (CFPB).
However, some crypto users decried the move, saying they were concerned about the Americans’ financial protection.
There has been increasing pushback from Democrats over the closure of the CFPB office announced by Acting Director Russell Vought. He told staffers to not come to the office and “not perform any work tasks” as the headquarters will be closed “this week.”
Musk, crypto leaders react
As news about Vought’s announcement spread, Musk took to X over the weekend to bid farewell to the CFPB. “CFPB RIP,” he wrote. Political commentator Gunther Eagleman commented, saying it was just another agency whose name had “nothing to do with what they do.”
The Tesla CEO responded, saying the financial watchdog “did above zero good things, but still need to go.”
Brian Armstrong, the CEO of crypto exchange giant Coinbase, said it was “the right call” to shut down the agency.
“The CFPB is unconstitutional on the face of it,” alleging further that it was “an activist organization that has done enormous harm to the country.”
Blockchain expert Anndy Lian said the CFPB was also “over reaching with other agencies.”
“Less bureaucracy, more freedom,” said veteran Bitcoiner Thutski.
Gemini exchange co-founder Tyler Winklevoss, known for his and his twin brother’s generous Bitcoin donation to U.S. President Donald Trump’s presidential campaign last year, posted a photo that showed the CFPB website with a 404 error. “CFPB Unplugged,” Winklevoss wrote.
Riot Platforms VP of Research Pierre Rochard said the CFPB “did not stop SBF and he is now in jail for fraud.”
SBF, or Sam Bankman-Fried, is serving 25 years for his role in the shocking collapse of the FTX exchange, which wiped out billions from the crypto market.
Warren protests with staffers outside the CFPB office
Since the Trump administration moved to cripple the agency, protests were staged outside the CFPB headquarters, with employees and supporters attending the demonstrations, including Sen. Warren.
Standing behind a podium, where the sign “hands off our CFPB” reads, Warren said the “fight” to retain the agency was for Americans who don’t want to get “scammed,” get chased off their homes in an “illegal foreclosure,” and for students who need to borrow money for their education “without getting defrauded.”
Behind the Massachusetts lawmaker were demonstrators holding up signs that read, “No one voted for Elon Musk,” “Elon bought the United States,” and many more to call out the crackdown.
Warren reiterated that only Congress — not Trump, nor Musk — had the power to “fire the financial cops.”
Trump slams CFPB, says Warren ‘used’ the agency
During Monday night’s question and answer session with the media, Trump was asked about his thoughts on Warren’s pushback over the CFPB’s shutdown.
“She used that [CFPB] as her little personal agency to go around and destroy people,” the president said.
Trump insisted that targeting the financial agency was “the right thing” to do.
“There was a bad group of people running it, but it was also a waste,” he added.
Some X users, crypto holders are divided over the move
While an increasing number of crypto leaders and figures have expressed support for the Trump administration’s move, some users on X are unsure whether it would be beneficial for the American public.
“Come on Brian. Great call for you and your billionaire friends, terrible for hardworking Americans who are barely protected already,” one crypto holder said in response to Armstrong’s post.
“It has done no harm. You probably never heard of it until a couple of days ago,” another said.
Project management expert Laurence Boorstein criticized Armstrong for claiming that the CFPB was an “unconstitutional” agency, saying the Coinbase CEO made such comments “based on self interest.”
One Bitcoiner slammed Winklevoss for making such comments about the agency’s shutdown, saying it only proved that the Gemini co-founder doesn’t care about clients.
It remains to be seen whether the CFPB will actually be shut down, or if the Trump admin will opt for an overhaul of the agency that ensures compliance in the U.S. financial realm.
Source: https://www.ibtimes.com/elon-musk-crypto-leaders-laud-unplugging-cfpb-critics-push-back-3763220
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
