A U.S. representative has slammed President Trump and Elon Musk for dismantling consumer protections, warning they’ve turned crypto into a breeding ground for scams.
Elon Musk’s ‘DOGE Bros’ Shutting Down Consumer Protections? Lawmaker Sounds the Alarm
U.S. Representative Ayanna Pressley (D-MA) voiced strong concerns over the increasing prevalence of cryptocurrency scams during a House Financial Services Committee hearing on Feb. 13, urging the need for stronger consumer protections. She emphasized that the Consumer Financial Protection Bureau (CFPB) was instrumental in tackling fraud before being dismantled under the influence of Donald Trump and Elon Musk, particularly through actions taken by the Department of Government Efficiency (DOGE).
Pressley pointed to real-life cases of individuals losing their savings to crypto scams, underscoring the urgent need for government intervention. Referring to the CFPB, the lawmaker asserted:
The agency is now under attack. Elon Musk and his so-called DOGE bros have kicked out the employees, locked the door, and stopped all work from continuing.
The congresswoman claimed that without the CFPB’s safeguards, consumers are left vulnerable to crypto fraud schemes that continue to proliferate.
Pressley also criticized Trump for launching a meme coin that quickly lost value, leaving everyday investors with losses. “Earlier this year, Trump launched his own cryptocurrency meme coin. He promoted it on social media and people invested in it,” she described, emphasizing:
But then it quickly lost value, roughly 40%, when Trump insiders pulled their money for a profit, resulting in working class people stuck with the losses. It was a scam.
She contrasted Trump’s actions with the CFPB’s mission to protect consumers and called for its reinstatement, asserting: “We need this essential agency to be reopened to finish its necessary work.”
Supporters of DOGE argue that the reforms are necessary to improve government efficiency and reduce regulatory barriers that could hinder crypto innovation. Musk and his backers claim these efforts target bureaucratic inefficiencies while allowing market-driven solutions to combat fraud. Meanwhile, Trump’s pro-crypto stance has gained support from those who view him as a proponent of financial independence and decentralized finance. His supporters believe his policies could position the U.S. as a leader in blockchain innovation by fostering a regulatory environment that promotes growth while protecting investors. Many in the crypto industry advocate for clear regulations that prevent fraud while allowing the sector to evolve.