ChainCatcher news, according to Jin Shi reports, based on five sources and the termination letter, another category of employees at the Consumer Financial Protection Bureau (CFPB) received termination notices on Thursday, indicating that the Trump administration is not only dismissing probationary employees when laying off federal workers.These notices were sent to dozens of so-called "permanent employees," all of whom are full-time staff with contracts that have termination dates. The notices show that the date of the termination letter is February 13, issued by the agency's acting Chief Human Resources Officer Adam Martinez. Before this new round of layoffs, the CFPB had dismissed up to 70 probationary employees on Tuesday.

ChainCatcher news, according to Bloomberg, Democratic Senator Elizabeth Warren wrote to Trump urging him to support the Consumer Financial Protection Bureau (CFPB) in its efforts to prevent banks from arbitrarily closing accounts. She warned that attempts to undermine the CFPB would only exacerbate the problem.The Trump administration fired Director Rohit Chopra and appointed Scott Bessent, a supporter of cryptocurrency, as acting director, who has suspended some regulatory activities. Warren emphasized that the issue is bipartisan and mentioned Trump's criticism of U.S. banks and JPMorgan at the Davos Forum for restricting business dealings with certain clients.At a Senate Banking Committee hearing, Anchorage Digital CEO Nathan McCauley stated that his company faced account closures by banks due to its cryptocurrency business and struggled to find new banking partners. The Bank Policy Institute responded that banks must manage risks and meet regulatory requirements, suggesting a need to fix the regulatory structure.

ChainCatcher news, two technology trade organizations, TechNet and NetChoice, have filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) challenging its regulatory approach of treating payment applications and digital wallets as banks. The lawsuit opposes the new rule released by the CFPB in December, which aims to expand regulation over "general digital consumer payment applications," primarily targeting large payment applications and non-bank financial service providers like digital wallets.Although the rule does not involve cryptocurrency wallet providers or decentralized wallets, its focus is on large non-bank companies. NetChoice litigation director Chris Marchese stated that the CFPB's expansion of power undermines the rule of law and could lead to higher prices and reduced choices.

ChainCatcher news, according to Jin10 reports, Apple Pay and other digital wallet service providers will be regulated by the rules of the U.S. Consumer Financial Protection Bureau.

ChainCatcher news, according to The Block, the Consumer Financial Protection Bureau (CFPB) is seeking public input on proposed rules aimed at providing more protections for consumers in cryptocurrency transactions to prevent fraud.The CFPB has proposed an "interpretive rule" explaining how the Electronic Fund Transfer Act and other regulations apply to emerging "digital payment mechanisms," such as stablecoins. The Act was passed in 1978 to protect consumers participating in electronic fund transfers.CFPB Director Rohit Chopra stated that consumers must be assured that their transactions will not be subject to harmful monitoring or erroneous influences when using new forms of digital payments. However, the outlook for the CFPB's rulemaking is unclear, as the agency has drawn the ire of the incoming Trump administration. Billionaire Elon Musk has stated that he would "abolish the CFPB."The CFPB noted that consumer use of stablecoins may increase in the coming years, but some in the crypto industry have criticized the proposed rules. Coin Center Executive Director Peter Van Valkenburgh stated that it is unclear whether the proposed rules cover self-custody wallet service providers and pointed out that the agency does not distinguish between cryptocurrency services provided by trusted intermediaries and software tools.Coin Center emphasized that if the CFPB intends to regulate self-custody wallets under Reg E and directly regulate the authors of self-custody software, then the proposed rule would exceed the CFPB's statutory authority and be unconstitutional. The deadline for public comments on the CFPB's proposed rules is March 31, 2025.

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.

According to ChainCatcher news, Coinbase strongly opposes the Consumer Financial Protection Bureau (CFPB)'s attempt to impose more regulations on the cryptocurrency sector, as reported by DL News.The CFPB plans to regulate digital wallets and cryptocurrency software, raising concerns among leaders in the crypto industry who believe this will impose heavier and unnecessary obligations on the sector. The cryptocurrency industry is already overseen by multiple regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase questions the CFPB's role in the cryptocurrency space and is prepared to argue that the CFPB is overstepping its authority by intervening in cryptocurrency. The CFPB's proposal may overlap with rules from other regulatory bodies like the SEC.The cryptocurrency industry believes that the CFPB's proposal contradicts the original intent of the laws that created the Consumer Financial Protection Bureau, which require the agency to coordinate with entities such as the SEC and the Federal Trade Commission.

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.