Former FDIC board member McKernan is a critic of overregulation and has pointed out the excesses of Operation Choke Point 2.0.
"I don't think for a second that you should be locked out of our banking system," said Senator Elizabeth Warren, a noted crypto critic.
Recently confirmed U.S. Treasury Secretary Scott Bessent will be taking on a second role as acting director of the CFPB.
The new December ruling from the US Consumer Financial Protection Bureau impacts payment apps and digital wallets offered by large non-bank companies.
A proposed CFPB rule could allow crypto users to have protections similar to those of US bank account holders by considering the definition of “funds.”
Donald Trump’s team is intent on consolidating or even eliminating some long-standing banking watchdogs, WSJ reports, while Wall Street Pepe ($WEPE) fans cheer. Trump’s incoming US presidency has signaled a promising forecast for cryptocurrency regulations in the US. Now, his newly formed Department of Government Efficiency (DOGE), championed by Trump’s right-hand man and Meme Overlord […]