TechFlow news, June 11 — According to Cointelegraph, the Trump administration, through the Department of Government Efficiency (DOGE), has significantly cut the functions of the Consumer Financial Protection Bureau (CFPB), suspending enforcement actions and raising concerns over weakened consumer protection. While cryptocurrency industry leaders such as Coinbase and Gemini support the reforms, arguing that the CFPB has hindered innovation, crypto users are left without recourse for real issues like account freezes and unresponsive customer service. Reports indicate Coinbase alone received over 8,000 complaints filed with the CFPB. Multiple consumer advocacy groups and government employees' unions have filed lawsuits challenging the legality of these reforms.
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