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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump

Source: Russell Vought

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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Demographics will ‘leapfrog’ Bitcoin adoption in Pakistan — Bilal Bin Saqib

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<div>Demographics will 'leapfrog' Bitcoin adoption in Pakistan — Bilal Bin Saqib</div>

<div>Demographics will 'leapfrog' Bitcoin adoption in Pakistan — Bilal Bin Saqib</div>

A young and tech-savvy population, combating inflationary pressures, is driving Bitcoin adoption and a new financial system in Pakistan.

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Tyler Winklevoss claims JPMorgan blocked Gemini over public criticism

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Tyler Winklevoss claims JPMorgan blocked Gemini over public criticism

Tyler Winklevoss claims JPMorgan blocked Gemini over public criticism

Tyler Winklevoss claims JPMorgan paused Gemini’s onboarding after he criticized the bank’s data access fees, calling the move anti-competitive.

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25% of young children and pregnant women malnourished in Gaza, charity says, as PM vows to fly critical medical cases to UK

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25% of young children and pregnant women malnourished in Gaza, charity says, as PM vows to fly critical medical cases to UK

A charity has warned 25% of young children and pregnant women in Gaza are now malnourished, with Sir Keir Starmer vowing to evacuate children who need “critical medical assistance” to the UK.

MSF, also known as Doctors Without Borders, said Israel’s “deliberate use of starvation as a weapon” has reached unprecedented levels – with patients and healthcare workers both fighting to survive.

It claimed that, at one of its clinics in Gaza City, rates of severe malnutrition in children under five have trebled over the past two weeks – and described the lack of food and water on the ground as “unconscionable”.

Pic: Reuters
Image:
Pic: Reuters

The charity also criticised the high number of fatalities seen at aid distribution sites, with one British surgeon accusing IDF soldiers of shooting civilians “almost like a game of target practice”.

MSF’s deputy medical coordinator in Gaza, Dr Mohammed Abu Mughaisib, said: “Those who go to the Gaza Humanitarian Foundation’s food distributions know that they have the same chance of receiving a sack of flour as they do of leaving with a bullet in their head.”

The UN also estimates that Israeli forces have killed more than 1,000 people seeking food – the majority near the militarised distribution sites of the US-backed aid distribution scheme run by the GHF.

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‘Many more deaths unless Israelis allow food in’

In a statement on Friday, the IDF had said it “categorically rejects the claims of intentional harm to civilians”, and reports of incidents at aid distribution sites were “under examination”.

The GHF has also previously disputed that these deaths were connected with its organisation’s operations, with director Johnnie Moore telling Sky News: “We just want to feed Gazans. That’s the only thing that we want to do.”

Israel says it has let enough food into Gaza and has accused the UN of failing to distribute it, in what the foreign ministry has labelled as “a deliberate ploy” to defame the country.

‘Humanitarian catastrophe must end’

In a video message posted on X late last night, Sir Keir Starmer condemned the scenes in Gaza as “appalling” and “unrelenting” – and said “the images of starvation and desperation are utterly horrifying”.

The prime minister added: “The denial of aid to children and babies is completely unjustifiable, just as the continued captivity of hostages is completely unjustifiable.

“Hundreds of civilians have been killed while seeking aid – children, killed, whilst collecting water. It is a humanitarian catastrophe, and it must end.”

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Israeli military show aid waiting inside Gaza

Sir Keir confirmed that the British government is now “accelerating efforts” to evacuate children from Gaza who need critical medical assistance, so they can be brought to the UK for specialist treatment.

Israel has now said that foreign countries will be able to airdrop aid into Gaza. While the PM says the UK will now “do everything we can” to get supplies in via this route, he said this decision has come “far too late”.

Read more:
WHO: Gaza faces ‘manmade’ starvation
UN: People in Gaza ‘walking corpses’

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Last year, the RAF dropped aid into Gaza, but humanitarian organisations warned it wasn’t enough and was potentially dangerous. In March 2024, five people were killed when an aid parachute failed and supplies fell on them.

For now, Sir Keir has rejected calls to follow French President Emmanuel Macron and recognise a Palestinian state despite more than 220 MPs signing a cross-party letter to demand he takes this step.

The prime minister is instead demanding a ceasefire and “lasting peace” – and says he will only consider an independent state as part of a negotiated peace deal.

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