Armstrong called the shutdown "100% the right call," labeling the CFPB an "activist organization that has done enormous harm to the country." He argued that fraud prevention should be handled by the Department of Justice and other financial regulators, not the CFPB. Winklevoss posted "CFPB Unplugged" alongside an image of a 404 error page from the agency's website.

• ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
• Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.

The shutdown comes after years of tension between the CFPB and financial institutions, including crypto exchanges. Coinbase, for example, has faced more CFPB complaints than any other U.S. crypto platform, with more than  7,747 grievances related to poor customer service, restricted accounts, and lost funds.

Vought, who also leads the Office of Management and Budget, told CFPB workers to stop all investigations. He also said the agency wouldn't ask for more funding because it already had $711.6 million, as Musk called for the return of that money to taxpayers.

While tech and crypto leaders are happy, others are upset. Some say shutting down the CFPB helps billionaires and leaves regular people at risk. BuccoCapital Bloke, a finance commentator, accused billionaires of dismantling the agency for personal gain, arguing that “It is not a coincidence that every single one of the tech billionaires trying to destroy the Consumer Financial Protection Bureau has a lot to gain from a less informed, less protected consumer,” he wrote on X.

Sen. Chris Van Hollen (D-MD) vowed to fight the shutdown, emphasizing the agency's role in returning billions to consumers. The CFPB has recovered $21 billion for Americans over the years, addressing misconduct by major companies like Equifax (NYSE:EFX), Bank of America (NYSE:BAC), and Capital One (NYSE:COF).

The shutdown also benefits companies facing ongoing investigations, such as JPMorgan Chase (NYSE:JPM) and Wells Fargo (NYSE:WFC), which were recently accused of failing to protect Zelle users from fraud. Other firms like Honda Finance and Jack Dorsey's Block (Cash App) were also under scrutiny for misleading practices.

Elon Musk, who has been at the forefrunt of cutting regulatory agencies since President Donald Trump took office again, celebrated the shutdown with a simple post: "CFPB RIP." Musk, who is developing a digital wallet through X, has a vested interest in reducing financial oversight. Economist Paul Krugman criticized the move, saying that the government now serves "financial predators."

• Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!
• BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.