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Brian Armstrong and Tyler Winklevoss have celebrated the defanging of the Consumer Financial Protection Bureau (CFPB) following recent actions taken by the agency’s new leadership. Coinbase has reportedly been the subject of more CFPB complaints than any other exchange. CFPB Chief Orders Shutdown 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. Vought took on the role of acting director of the agency on Friday. Reports indicate that on Saturday, he issued a notice to staff instructing them to “cease all supervision and examination activity.” In a separate post on X, he confirmed that he had informed the Federal Reserve, which funds the CFPB, that the bureau would not be drawing its next round of funding, stating it was not “reasonably necessary” for its operations. Coinbase Faces More Complaints Than Other Exchanges 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. However, the platform has previously addressed these concerns, explaining that the increase in restricted accounts resulted from a surge in new and reactivated users following recent elections in the U.S. The platform has also assured customers that its fraud prevention systems continue to function as intended. The post CFPB Weakened: Crypto Leaders Applaud as New Leadership Shuts Down Operations appeared first on CryptoPotato.

Alexey Pertsev will be released from prison today under electronic monitoring as he continues to appeal his money laundering conviction linked to Tornado Cash. His release comes after months of unsuccessful bail requests and growing concerns over how the legal system treats privacy-focused crypto developers. Pertsev Plans on Focusing on His Appeal Pertsev confirmed the news in a February 6 post on X: “Dear Friends, on Friday 7 February at 10 am I will be free! It is not real freedom, but it is better than prison,” it said. He explained that a Dutch court had suspended his pretrial detention under electronic monitoring. The Tornado Cash developer added that this would allow him to focus on his appeal and fight for justice. In August 2022, the U.S. Treasury imposed sanctions on the crypto mixer, accusing it of enabling the laundering of over $7 billion since 2019. Pertsev was later arrested in the Netherlands that same month. He was charged with money laundering and facilitating illicit financial transactions through the platform. In May 2024, a Dutch court found him guilty and sentenced him to 64 months in prison. Following his arrest, the Russian national started actively appealing his conviction and asking for bail. Despite multiple attempts, his requests were denied. His defense maintains that he created open-source software and should not be criminalized for its misuse. Debate Over Developer Liability The case has fueled debate over financial privacy and whether software developers should be held liable for how their code is used. Pertsev’s case gained momentum after a U.S. federal appeals court ruled in November 2024 that sanctions against Tornado Cash were unlawful. A January 21 court filing confirmed that the district court judgment had been overturned and sent back for further review. The decision boosted arguments from privacy advocates who claim that developers should not be punished for actions beyond their control. Ethereum co-founder Vitalik Buterin has voiced concern over Pertsev’s prosecution, calling it a troubling precedent for developers. Speaking at a Berlin conference last year, he said, “The situation with Alexey is quite unfortunate.” He added that many believed building software was a legitimate and legal way to protect privacy. Buterin has also made several ETH donations to the 31-year-old’s legal fund through the decentralized fundraising platform Juicebox. The post Alexey Pertsev to Be Released from Prison Today With an Electronic Monitor appeared first on CryptoPotato.

Trump Administration Agrees to Temporarily Limit DOGE’s Access to Treasury Payment Systems U.S. Department of Justice prosecutors have agreed to temporarily restrict access to information in the Treasury Department's payment systems by staff members of the Department of Govern…

Public Citizen, a US nonprofit watchdog group, has filed a formal complaint with the Department of Justice and the Office of Government Ethics, requesting a federal investigation into Trump's alleged promotion of Solana's TRUMP token. 80% of the token is held by CIC Digital LLC, an affiliate of the Trump Organization, which may violate laws prohibiting gift solicitation and pose a risk of untraceable foreign payments.

a16z calls on the US Department of Justice to stop requiring DeFi protocols to be responsible for user behavior Venture capital firm a16z issued a statement saying that the U.S. Department of Justice (DOJ) should stop holding DeFi protocols accountable for illegal activities t…