The SEC closed its investigation into NFT marketplace OpenSea. The SEC has surrendered to the crypto industry.

Read Better Markets’ Fact Sheet: Having Won Almost 100% of Its Cases Against the Crypto Industry, the SEC Baselessly Surrenders

Fewer people to supervise banks (now and in the future) will directly lead to a banking system that is weaker and less safe. A shortage of trained and experienced examiners was found to be a key cause of the 2023 bank failures.

New CFPB leadership continues its trend of dismissing prior CFPB enforcement actions against alleged corporate wrongdoers—this time against Solo Funds, a nonbank financial tech company that allegedly operated a digital lending platform that used dark patterns to trick people into paying fees in the form of “tips” and “donations.”

Consolidating banking regulatory agencies under Treasury is bad for several reasons, outlined in this statement. The proposed merger would reduce transparency, oversight, and accountability for the American people while overly politicizing bank regulation and supervision.

Read Better Markets’ statement here.

The Commodity Futures Trading Commission terminated about a dozen probationary employees. The employees include attorneys in the agency’s enforcement and market oversight divisions.

The CFTC is already severely understaffed and has fired even more employees, making it even harder for the agency to police the markets.

Read Better Markets’ statement here.

The Trump administration appears to be preparing to transfer employees from the Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau to the Office of the Comptroller of the Currency as part of a broad reshaping of bank supervision. The OCC has created email distribution lists for [email protected], [email protected], and [email protected], according to Outlook templates obtained by Bloomberg Law from multiple sources at different agencies who were granted anonymity to prevent retaliation.