Coinbase, Gemini CEOs cheer as Consumer Financial Protection Bureau chief defangs agency

Russ Vought, acting CFPB director, has reportedly told the agency’s employees to “cease all supervision and examination activity” and has stopped a key future funding source in an attempt to hobble the bureau’s regulatory efforts. Coinbase CEO Brian Armstrong and Gemini CEO Tyler Winklevoss, along with Elon Musk, have cheered the development. Coinbase is mentioned in a higher proportion of CFPB complaints than competitor crypto exchanges that serve U.S. citizens.