Ethan Ostroff explained that the CFPB will participate less in the regulation of the industry, since the US Secondary and Exchange Commission (SEC) is increasingly taking these powers. The Department of Financial Services of the state of New York (NYDFS) and the Department of Financial Protection and Innovation of California (DFPI) will take even more active participation in the regulation of cryptocurrency at the state level, the lawyer suggested.
In February 2025, CFPB was the Rassell Vouught, in which a major reduction in the financing of the department occurred. However, the lawyer explained that CFPB will not be completely disbanded without the approval of the congress. This means that the agency will still be able to control some aspects of the crypto industry.
The Senator-Democrat from Massachusetts Elizabeth Warren, who took part in the formation of CFPB in 2007, criticized the current US presidential administration Donald Trump for the abolition of consumer protection measures. She fears that the monetary system control will be transferred to private financial institutions.
In 2023, CFPB was able to control large suppliers of digital wallets and cryptocurrency applications. The department could demand from the participants of the crypto industry information about money transfers and financing.
Source: Bits

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