The Trump administration weakened the functions of the Consumer Financial Protection Bureau, harming the rights of cryptocurrency users

ChainCatcher news, according to Cointelegraph, the Trump administration has significantly reduced the functions of the Consumer Financial Protection Bureau (CFPB) through the Department of Government Efficiency (DOGE), suspending enforcement actions and raising concerns about the lack of consumer protection.

While leaders in the cryptocurrency industry, such as Coinbase and Gemini, support this reform, claiming that the CFPB hinders innovation, crypto users are facing issues like account freezes and unresponsive customer service with no place to file complaints.

It is reported that Coinbase alone has received over 8,000 complaints to the CFPB. Several consumer organizations and government employee unions have filed lawsuits questioning the legality of these reforms.