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.” Read more
Senators questioned Brian Quintenz on prediction markets, his experiences dealing with debanking, and how he would potentially handle an entirely Republican-staffed CFTC. Brian Quintenz declined to say whether he supports maintaining a bipartisan balance at the Commodity Futures Trading Commission during a Senate nomination hearing on Tuesday, avoiding a key question from lawmakers weighing his potential return as chair. Quintenz, a former commissioner at the Commodity Futures Trading Commission (CFTC) and US President Donald Trump’s nominee to chair the agency, addressed several questions about his potential policy stance on crypto if confirmed as the new head of the agency. Senators Tina Smith of Minnesota and Raphael Warnock of Georgia pressed him about whether he would make recommendations to Trump in support of having both Democratic and Republican commissioners at the CFTC. Quintenz avoided a direct answer, steering the conversation toward his experience. Read more