Bessent Halts Litigation and Enforcement at Consumer Financial Protection Bureau
New Treasury Secretary Scott Bessent has been appointed as the acting head of the Consumer Financial Protection Bureau (CFPB) following the dismissal of Rohit Chopra. Key points include:
- Bessent has halted all litigation, investigations, and enforcement actions by the CFPB.
- Public statements from the agency will also be suspended.
- Effective dates for previously approved rules are postponed.
- This change is viewed positively by the crypto industry, which faced scrutiny under Chopra.
- A proposal to expand electronic funds oversight to include cryptocurrencies was put forth last month but is unlikely to be finalized.
- The Trump administration has yet to nominate a permanent CFPB head.