Law & Policy

Been on holiday the last few days so have had a nice break from all things policy – but it is so important to make clear that the DOGE war against the Consumer Financial Protection Bureau (CFPB) will be a TERRIBLE thing for crypto and how most people interact with it… 🧵

Regulation and policy. Have a background in politics and competition economics. Decentralise, redistribute, rebel

https://paragraph.xyz/@technocrap

The CFPB was established in the wake of the 2008 financial crisis to enforce against similar financial mismanagement from big banks in the future.

This Trump-Musk team/administration is clearly very happy to use crypto and meme coins to make a quick buck (a quick bit of generational wealth more like), so PLEASE, let us not fall into a false sense of enthusiasm for the pro-crypto rhetoric of some of these officials such as Trump and Howard Lutnick.

Listen instead to the regulators and congresspeople who are working to pass and enforce sensible, necessary legislation and regulations that will ensure crypto is a safer asset more broadly.

This is where I have hope for the likes of @brianquintenz and Hester Peirce – but I also say this with caution based on my own political beliefs. But as regulators, there are certainly folks like these in the federal government who want the best for crypto.

We cannot let the misguided monetary aims of Trump and his top brass corrupt this

If the CFPB cannot regulate crypto to provide consumer protection measures, the ordinary person will lose out massively, with no proper federal protections for them or their money which is put into crypto.