Russell Vaught, who was recently appointed head of the Consumer Financial Protection Bureau (CFPB) by the administration of Donald Trump, announced the termination of funding for the agency and the suspension of its activities. This decision affects the supervision of financial companies, including banks, money transfer services, and even cryptocurrency platforms.

Wout said he had notified the Federal Reserve that the CFPB would no longer request additional funding, as he considered the agency's current balance of $711.6 million to be "excessive." In his message, he noted that "the financial faucet, which for a long time made the CFPB unaccountable, has now been turned off."

The bureau, created after the 2008 crisis to protect consumers from predatory financial practices, has previously attempted to regulate providers of cryptocurrency wallets and exchanges. In 2023, the CFPB proposed to introduce supervision of crypto wallet providers, but was later forced to abandon this initiative under industry pressure.

Critics of the decision claim that Trump and his administration are "destroying the financial security of consumers" by depriving them of protection from unscrupulous players. However, supporters believe that reducing control by the CFPB will open up new opportunities for the cryptocurrency sector.