Crypto-friendly US Treasury Secretary Scott Bessent will temporarily lead the Consumer Financial Protection Bureau

 On February 4th, according to a statement released on Monday, newly appointed US Treasury Secretary Scott Bessent will temporarily serve as Acting Director of the Consumer Financial Protection Bureau (CFPB). It is reported that the CFPB is responsible for overseeing Consumer Financial Marekt and has proposed several rules related to cryptocurrency over the years.

 

According to reports, Trump fired former CFPB Director Rohit Chopra over the weekend. The CFPB was originally proposed by cryptocurrency critic and Senator Elizabeth Warren in 2007 and has been committed to developing cryptocurrency regulatory rules, including an "interpretative rule" last month to protect consumers from cryptocurrency transaction fraud. The bureau is studying how the Electronic Funds Transfer Act and other regulations will apply to upcoming "digital payment mechanisms" such as stablecoins.

 

Last month, Bessent was confirmed by the US Senate to lead the US Treasury Department. As a billionaire hedge fund manager, Bessent has a positive attitude towards cryptocurrency and recently spoke out against publishing central bank digital currencies. In addition, Bessent will also be a member of the new "Presidential Digital Asset Market Working Group" established in an executive order issued by Trump on January 23.