The U.S. Treasury Secretary has requested staff to halt lawsuits, investigations, or enforcement actions after serving as the acting director of the CFPB

ChainCatcher news, the crypto-friendly U.S. Treasury Secretary Scott Bessent quickly got to work after serving as the acting director of the Consumer Financial Protection Bureau (CFPB). Now, Bessent has essentially put the CFPB on lockdown.

Staff will stop any lawsuits, investigations, or enforcement actions, and will refrain from making public statements. According to a memo, the effective date of any previously approved rules will also be suspended. This shift is seen as particularly beneficial for the crypto industry, which was also a target of former CFPB director Rohit Chopra. Last month, the CFPB proposed to expand the agency's electronic funds regulation to include cryptocurrencies.

While the rule is unlikely to be finalized, the mere existence of such a proposal could impact pending litigation. The language in the proposal may also be adopted by various states, several of which have already enacted nearly identical electronic funds transfer regulations. The Trump administration has yet to nominate anyone to serve as the CFPB director.