Regulators at the US Securities and Exchange Commission have called a sudden truce with the cryptocurrency industry, bringing an end to years of legal conflict…
On February 13, a federal judge granted a joint request by the SEC and Binance, the world’s largest crypto exchange, to pause their ongoing litigation while they await new rules from the crypto task force. The SEC petitioned for a similar pause on Wednesday in a separate case against Justin Sun, the Chinese crypto entrepreneur who recently announced he had invested $75 million in a crypto project with ties to the Trump family.
https://www.wired.com/story/sec-is-giving-up-biggest-crypto-lawsuits/
BREAKING
The SEC has just halted its fraud prosecution of Justin Sun, a Chinese national who has put more than $50 million in Trump's pocket since November through the purchase of crypto tokens from a Trump-backed company, World Liberty Financial. pic.twitter.com/KzPqC6Frht
— Judd Legum (@JuddLegum) February 28, 2025
Americans are more exposed than ever, especially now that the Consumer Financial Protection Bureau has been usurped by DOGE… did you miss Elons tweet RIP CFPB?
CFPB RIP 🪦
— gorklon rust (@elonmusk) February 7, 2025
Employees at the Consumer Financial Protection Bureau were abruptly informed Sunday afternoon that the watchdog agency’s Washington, DC, headquarters will be closed this week.
This order from Vought goes a step further than the one sent by Treasury Secretary Scott Bessent on February 3 that ordered CFPB staff to stop issuing rules, suspend rules that have not yet been issued or published, not to issue public communications and to stop making court filings other than to seek a pause.
“This means that nobody is actually overseeing $18 trillion in consumer debt right now to make sure millions of Americans aren’t getting ripped off,” one former CFPB official who spoke on the condition of anonymity told CNN.
https://www.cnn.com/2025/02/09/business/cfpb-vought-stop-activity/index.html
Mr. Trump and Mr. Musk, the world’s richest man who has been given enormous power by the president, have been dismantling federal agencies across the government. Mr. Trump has fired top officials and pushed out career employees. Many of them were leading investigations, enforcement matters or lawsuits pending against Mr. Musk’s companies.
At least 11 federal agencies that have been affected by those moves have more than 32 continuing investigations, pending complaints or enforcement actions into Mr. Musk’s six companies, according to a review by The New York Times.
https://www.nytimes.com/2025/02/11/us/politics/elon-musk-companies-conflicts.html
AC