ChainCatcher news, according to Jinshi reports, billionaire Elon Musk has called for the abolition of the Consumer Financial Protection Bureau (CFPB), highlighting that this long-targeted regulatory agency by the Republican Party and business advocacy groups will face new threats under the Trump administration. Musk stated on social media on Wednesday, "Abolish the CFPB, there are too many overlapping regulatory agencies."Musk's comments are noteworthy as he will be working with the "Department of Efficiency" led by the Trump administration, which aims to cut federal bureaucracy and reduce government spending. After the outbreak of the 2008 financial crisis, the CFPB was tasked with overseeing certain responsibilities of the financial industry that interact with consumers. The agency has faced multiple legal challenges since its establishment.

ChainCatcher news, according to The Block, the Consumer Financial Protection Bureau (CFPB) finalized a rule this Thursday that grants it the authority to regulate "large non-bank companies," but explicitly excludes crypto assets. The CFPB stated that this rule only applies to transactions denominated in U.S. dollars.The new rule is titled "Defining Larger Participants in the Market for General Digital Consumer Payment Applications" and applies to non-bank financial companies that process more than 50 million transactions annually, requiring them to comply with the same rules as large banks and credit unions. The CFPB emphasized that the definition of "annual covered consumer payment transaction volume" is limited to transactions denominated in U.S. dollars and does not include digital assets such as Bitcoin and stablecoins.The crypto industry and some Republican lawmakers had previously expressed concerns about the potential impact of the rule on crypto assets. The DeFi Education Fund welcomed this and stated that the regulation of digital assets should be led by Congress, not regulatory agencies.

ChainCatcher news, according to Decrypt, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), has issued a warning that large financial companies in the United States are widely collecting financial data from Americans, a practice that could lead to the U.S. becoming a market structure similar to that of China.To address this issue, Chopra urged the implementation of new regulatory measures, requiring payment companies to provide more information about personal data and the use of digital currencies. He emphasized that the disclosure of this information is crucial, as private companies have accumulated significant power over Americans' financial decisions.To limit surveillance opportunities, the CFPB is considering direct oversight of non-bank financial platforms' services while promoting a shift in the U.S. towards an open, competitive, and decentralized banking model to ensure personal data is not misused.Additionally, Chopra noted that the CFPB is prepared to take new actions related to digital currencies, with a particular focus on stablecoins. He emphasized that stablecoins may involve risks of surveillance and token instability, and therefore the CFPB is considering requiring technology companies to provide more information about their digital currency business models and to undergo new reviews.