Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB) following recent actions taken by the agency\u2019s new leadership.<\/p>\n
Coinbase has reportedly been the subject of more CFPB complaints than any other exchange.<\/p>\n
The agency\u2019s newly appointed chief, Russell Vought, selected by President Donald Trump, has ordered the closure of its headquarters and directed staff to stop all supervisory efforts.<\/p>\n
Winklevoss, CEO of Gemini, responded<\/a> to the development on X by stating, \u201cCFPB Unplugged,\u201d and sharing an image of a 404 error page from the organization\u2019s website.<\/p>\n Coinbase CEO Armstrong referred<\/a> to the move as a \u201c100% the right call.\u201d He criticized the CFPB, saying it is unconstitutional, and argued that even if it were not, it should be eliminated because fraud prosecution falls under the Department of Justice and other financial regulators. He further accused the watchdog of being an activist organization that had caused significant harm to the country.<\/p>\n Vought took on the role of acting director of the agency on Friday. Reports indicate that on Saturday, he issued a notice to staff instructing them to \u201ccease all supervision and examination activity.\u201d<\/p>\n In a separate post<\/a> on X, he confirmed that he had informed the Federal Reserve, which funds the CFPB, that the bureau would not be drawing its next round of funding, stating it was not \u201creasonably necessary\u201d for its operations.<\/p>\n The CFPB is responsible for supervising consumer-facing financial institutions to prevent unfair, deceptive, and abusive practices.<\/p>\n The agency reported<\/a> in July 2023 that its enforcement efforts had returned $17.5 billion to Americans since its founding in response to the 2008 financial crisis. The document also revealed that over four million complaints had been forwarded to companies on behalf of consumers.<\/p>\n Coinbase has been the subject of more such complaints when weighed up against other major exchanges serving U.S. customers. A search of the CFPB\u2019s complaint database shows that over 7,600 mention Coinbase, compared to 487 related to Gemini and 297 linked to Kraken.<\/p>\n The exchange\u2019s customer service has been a longstanding source of criticism. Consumers have reported difficulties reaching support, encountering account restrictions, and facing unresolved complaints about lost funds.<\/p>\n Blockchain detective ZachXBT recently revealed <\/a>that Coinbase users have lost over $65 million to social engineering scams since December last year.<\/p>\n However, the platform has previously addressed<\/a> these concerns, explaining that the increase in restricted accounts resulted from a surge in new and reactivated users following recent elections in the U.S. The platform has also assured customers that its fraud prevention systems continue to function as intended.<\/p>\n The post CFPB Weakened: Crypto Leaders Applaud as New Leadership Shuts Down Operations<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB) following recent actions taken by the agency\u2019s new leadership. Coinbase has reportedly been the subject of more CFPB complaints than any other exchange. CFPB Chief Orders Shutdown The agency\u2019s newly appointed chief, Russell Vought, selected by President Donald Trump, […]<\/p>\n","protected":false},"author":0,"featured_media":43354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-43353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/43353"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43353"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/43353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/43354"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Coinbase Faces More Complaints Than Other Exchanges<\/h2>\n