Senator Elizabeth Warren has criticized Elon Musk and President Donald Trump for their efforts to dismantle the Consumer Financial Protection Bureau (CFPB), an agency she helped create in 2007. The CFPB recently received termination notices for up to 100 employees, amid a move by Director Russell Vought to cut off new funding for the agency.
Warren defended the CFPB, stating it has uncovered at least $21 billion in scams by big banks and other lenders that cheat American families. She warned that dismantling the agency would allow giant banks to continue making profits from such practices. Musk’s plans to dismantle the CFPB are likely aimed at distracting Americans from rising inflation and allowing him to turn his X platform into a major money hub.
Warren is skeptical of cryptocurrency, urging firms to follow bank regulations. The CFPB proposed a rule requiring crypto companies to refund users for lost funds, similar to US bank accounts. Warren’s stance on cryptocurrency regulation aligns with her concerns over Russia using Tether’s USDt (USDT) to evade US sanctions.
As the Senate considers Trump’s plans to dismantle the CFPB, Warren remains committed to protecting consumers and ensuring the agency continues to uncover financial scams that target American families.
Source: https://www.tradingview.com/news/cointelegraph:4cbd7d37d094b:0-elizabeth-warren-calls-elon-musk-bank-robber-for-dismantling-cfpb