Elon Musk Wanted to Shut Down Completely: US Agency Could Now Be Bitcoin Friendly! - Coin Bulletin

Scott Bessent, who took office as the U.S. Treasury Secretary last month, will now also serve as the acting director of the Consumer Financial Protection Bureau (CFPB).

Bessent, appointed by Donald Trump, stated that in his new role, he will direct financial regulations in accordance with Trump's economic policies.

This development may not only make the future of the CFPB uncertain, but it could also mark the beginning of a critical period for the crypto market. In the past, the CFPB has proposed various rules concerning the cryptocurrency market, and most recently, it issued an 'interpretive rule' regarding crypto transfers to protect consumers from fraud. However, there is speculation that Trump and his team may relax strict regulations, particularly regarding stablecoins and digital payments.

Plan to “Delete” Elon Musk and CFPB

The Trump administration is keeping its distance from the CFPB. Former director Rohit Chopra was removed from office last weekend and it is expected that his replacement Bessent will largely reshape the agency. The new State Efficiency Department led by Elon Musk even raised the idea of completely shutting down the CFPB. In a post made in November, Musk used the words "I will delete CFPB".

Bessent is known for his opposition to CBDCs and will also be part of the Digital Asset Markets Working Group established by Trump. As a crypto-friendly figure, it seems likely that CFPB will take a more moderate approach to crypto regulations. However, this situation also brings about discussions in the financial world.