US Treasury Secretary requests staff to cease litigation, investigation, or enforcement proceedings after serving as Acting Director of CFPB

Odaily Planet Daily News: Crypto friendly US Treasury Secretary Scott Bessent quickly got to work after serving as acting director of the US Consumer Financial Protection Bureau (CFPB). Now, Bessent has essentially put CFPB on lockdown. The staff will cease any litigation, investigation, or enforcement proceedings and avoid making public statements. According to a memorandum, the effective date of any previously approved rules will also be suspended. This shift is considered particularly beneficial for the cryptocurrency industry, which was also a target of Rohit Chopra, former director of the CFPB. The CFPB proposed last month to expand the regulatory scope of the agency's electronic funds to include cryptocurrencies. Although the rule is unlikely to be finalized, even if such a proposal exists, it may still affect pending litigation matters. The wording in the proposal may also be adopted by various states, several of which have already established almost identical regulations for electronic fund transfers. The Trump administration has not yet nominated anyone to serve as CFPB director. （Blockworks） Yesterday's news revealed that US Treasury Secretary Scott Bessent is currently serving as Acting Director of the Consumer Financial Protection Bureau (CFPB), indicating that the Trump administration may shift the strict enforcement and regulatory approach under Rohit Chopra's leadership. Previously, Chopra was dismissed by the Trump administration. This Biden era appointed official has imposed billions of dollars in fines and consumer compensation on banks such as Wells Fargo, Goldman Sachs, and Citigroup during his tenure.