PANews reported on February 4 that according to The Block, according to a statement released on Monday, the newly appointed U.S. Treasury Secretary Scott Bessent will temporarily serve as the acting director of the Consumer Financial Protection Bureau (CFPB). It is reported that the CFPB is responsible for supervising the consumer financial market and has proposed several rules involving cryptocurrencies over the years.

Trump reportedly fired former CFPB Director Rohit Chopra over the weekend. Originally proposed by cryptocurrency critic Senator Elizabeth Warren in 2007, the CFPB has been working on cryptocurrency regulation, including an “interpretive rule” last month to protect consumers from cryptocurrency trading fraud. The bureau is studying how the Electronic Fund Transfer Act and other regulations will apply to upcoming “digital payment mechanisms” such as stablecoins.

Last month, Bessent was confirmed by the U.S. Senate to lead the U.S. Treasury Department. As a billionaire hedge fund manager, Bessent has a positive attitude towards cryptocurrencies and recently spoke out against the issuance of central bank digital currencies. In addition, Bessent will also be a member of the new "President's Digital Asset Markets Task Force" established in an executive order issued by Trump on January 23.