tl;dr
Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB). The agency's new chief, Russell Vought, appointed by President Donald Trump, ordered the closure of its headquarters and instructed staff to halt supervisory efforts. Armstrong and ...
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CFPB leadership change prompts celebration from cryptocurrency exchange CEOs
CFPB chief orders shutdown of agency headquarters amid controversy - Coinbase faces disproportionate CFPB complaints, CEO criticizes agency's actions
By Wayne Jones
Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB). The agency's new chief, Russell Vought, appointed by President Donald Trump, ordered the closure of its headquarters and instructed staff to halt supervisory efforts. Armstrong and Winklevoss praised this move, with Armstrong criticizing the CFPB as unconstitutional and advocating for its elimination.
The CFPB has received more complaints about Coinbase than any other exchange, with over 7,600 complaints mentioning Coinbase, compared to 487 for Gemini and 297 for Kraken. Coinbase users have reported difficulties reaching customer support, encountering account restrictions, and facing unresolved complaints about lost funds. Additionally, Coinbase users have allegedly lost over $65 million to social engineering scams since December last year.
The agency’s newly appointed chief, Russell Vought, selected by President Donald Trump, has ordered the closure of its headquarters and directed staff to stop all supervisory efforts. Winklevoss, CEO of Gemini, responded to the development on X by stating, “CFPB Unplugged,” and sharing an image of a 404 error page from the organization’s website. Coinbase CEO Armstrong referred to the move as a “100% the right call.” He criticized the CFPB, saying it is unconstitutional, and argued that even if it were not, it should be eliminated because fraud prosecution falls under the Department of Justice and other financial regulators. He further accused the watchdog of being an activist organization that had caused significant harm to the country.
The CFPB is responsible for supervising consumer-facing financial institutions to prevent unfair, deceptive, and abusive practices. The agency reported in July 2023 that its enforcement efforts had returned $17.5 billion to Americans since its founding in response to the 2008 financial crisis. The document also revealed that over four million complaints had been forwarded to companies on behalf of consumers. Coinbase has been the subject of more such complaints when weighed up against other major exchanges serving U.S. customers. A search of the CFPB’s complaint database shows that over 7,600 mention Coinbase, compared to 487 related to Gemini and 297 linked to Kraken. The exchange’s customer service has been a longstanding source of criticism. Consumers have reported difficulties reaching support, encountering account restrictions, and facing unresolved complaints about lost funds. Blockchain detective ZachXBT recently revealed that Coinbase users have lost over $65 million to social engineering scams since December last year.
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