Politics legendarily creates strange bedfellows. Crypto companies are now asking the CFPB to revive a regulation protecting a business the first Trump administration kneecapped, after which the second Trump administration hollowed out that same agency, despite campaigning against kneecapping tech and crypto—leaving the CFPB, long a sworn enemy of big banks, in Chase’s corner dismantling the crypto industry and suppressing competing payment methods, because the administration apparently thinks that’s what its backers want.

FROM:

Patrick McKenzie (patio11)

Open Banking and Payments Competition

Source

Open banking allowed crypto to flourish but open banking is bad for banks and so the politics flip flops.