Former CFPB Director Kreininger Appointed to Crypto Firm



Kathleen Kreninger, former director of the Consumer Financial Protection Bureau (CFPB) under President Donald Trump, has been appointed to a senior position at Solidus Labs, a cryptocurrency company focused on risk monitoring, market surveillance and fraud. warning as stated by the company.

Kreininger holds the position, serving as former President Trump’s CFPB director from late 2018 until January 20, 2021, when she stepped down at the request of newly inaugurated President Joe Biden. Following Kreininger’s departure, CFPB has been chaired by Acting Director Dave Waggio, and Biden’s standing nominee Rohit Chopra is awaiting Senate approval.

In his new position in the private sector, Kreininger will oversee Solidus Labs’ regulatory strategy, working to build a global team as governments “increasingly assess digital asset markets, demanding higher standards of investor protection and implementing a regulatory framework that requires enhanced monitoring risks and opportunities to monitor the market ”, – stated in the announcement of its appointment.

“I am delighted to join Solidus Labs as we strive to advance market integrity and responsible innovation in the DeFi and crypto world that are truly changing the way we operate in the financial marketplace,” Kreininger said in a statement. “Solidus offers important risk monitoring and fraud prevention capabilities that meet the needs of responsible industry players and regulators, and can drive the next generation of markets.”

Kraninger was originally sworn in for a five-year term as director of the CFPB, but the path to her retirement was prepared by the US Supreme Court. solution a year ago, which allowed the president to dismiss the director of the agency of his own free will. The Donald Trump administration backed the president’s authority to fire the director, as did Kreininger. herselfciting the president’s prerogative “to appoint senior government officials who support the president’s political priorities, ensuring that our government responds to the will of the people as expressed in the presidential election,” Kreininger wrote in her letter. resignation letter.

The Biden administration recently took advantage of the new powers granted to the president by the Supreme Court, also using this precedent to displace former director of the Federal Housing Finance Agency (FHFA) Mark Calabria, and appears to be doing the same with the director of the Social Security Administration (SSA) according to to reporting in the New York Times.

Kreininger ended her tenure as CFPB director overseeing obvious changes in the agency’s regulatory position from her Obama-era predecessors, although she was also more involved in law enforcement than her immediate predecessor, Mick Mulvaney.

The CFPB supports reverse mortgage regulatory enforcement agencies at the national level.


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