Ted Cruz and Rand Paul introduced a bill to do away with a crypto regulatory body

Ted Cruz and Rand Paul along with two other Senators, introduced a bill to "eliminate the Bureau of Consumer Financial Protection" (CFPB). They did so in one of the shortest bills that I have read, using only 9 lines for the entire bill.

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What is the CFPB?

The CFPB's mission is

We’re the Consumer Financial Protection Bureau, a U.S. government agency dedicated to making sure you are treated fairly by banks, lenders and other financial institutions."

Simply, they are a regulatory body that fields consumer complaints and then contacts the company the complaint is with, or in the case where there is no company to contact, they contact the regulatory body that oversees the entity which the complaint is with. I was not able to find what regulatory body they contact in the case of a crypto-related complaint. They also have the power to launch civil investigations and did that with Nexo in 2022.

Crypto CFPB Complaints

The CFPB has received over 3,300,000 consumer complaints, of which only 8,000+ are with related to crypto with over 60% of the complaints being related to frauds and scams.

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What it means if the CFPB ends

The CFPB admits that they can take a long time to process complaints due to the number that they get, but they are one of the few agencies that can investigate exchanges not releasing funds or putting blocks on accounts. Saying that the number of concrete results that have come from the agency related to crypto is not huge.