Politics

In short order, the Trump administration has hollowed out the CFPB — the primary regulator with jurisdiction over increasingly ubiquitous financial technology companies and the only one looking out for consumers in the rapidly expanding crypto marketplace. Lawsuits have been dropped, settlements have been renegotiated in favor of companies and a proposed consumer-friendly crypto regulation was killed outright.

Virtually all investigations have also ground to a halt, including three probes into Andreessen-backed companies, according to the records and the people familiar with the cases, who spoke on condition of anonymity to discuss sensitive matters. Among those frozen: inquiries into the popular cash advance app EarnIn and Point Digital Finance, one of the country’s largest providers of so-called alternative mortgages.