The Trump administration escalated its offensive against the Consumer Financial Protection Bureau (CFPB) on Monday, denouncing the consumer watchdog as a “woke” agency whose “weaponization ends right now,” even as a union representing CFPB workers filed suit over a White House-ordered work stoppage.

The salvo came hours after Russell Vought, the White House budget chief appointed acting CFPB director by President Trump, halted more of the bureau’s operations.

The action triggered protests and prompted agency employees to file lawsuits.

CFPB under fire

Created in the wake of the 2008 financial crisis, the CFPB has a broad mandate to safeguard consumers from unfair, deceptive, and predatory financial practices.

Under President Biden, the bureau aggressively exercised its authorities, enacting a series of rules designed to expand access to banking, curb excessive credit card fees, and ensure that digital payment apps protect consumer funds to the same degree as traditional banks.

According to the CFPB, its enforcement efforts have secured roughly $20 billion in refunds and other relief for Americans.

However, Republicans have criticized the agency for overreach in both its regulations and punishments. Billionaire Elon Musk has also attacked the CFPB, especially as the agency has looked to expand its jurisdiction to include major tech companies.

His social media site X recently announced a partnership with Visa involving payments.

Agency paralyzed

By Monday, the Trump administration had effectively brought the CFPB to a standstill.

Vought instructed employees to stay home after moving to halt ongoing investigations and cut off the agency’s access to millions of dollars in federal funding.

According to an agency-wide email obtained by The Washington Post, Vought instructed employees to, “Please do not perform any work tasks.”

The work stoppage has crippled the bureau’s ability to investigate corporate wrongdoing, protect consumers from mishandled accounts, defend existing regulations in court, and supervise banks to ensure financial stability.

Vought and his team extended the directive to include the agency’s contractors, according to a second email later obtained by The Post.

Supporters fear further action: protests erupt in Washington

The administration’s actions have fueled concerns among the agency’s supporters that Trump may seek to lay off staff or shut down the bureau entirely.

Protests erupted outside agency headquarters, with demonstrators chanting anti-Musk slogans, including, “Lock him up.”

“Senators, senators, take the lead,” the protesters chanted. “Stop their power grab, stop their greed.”

While dissolving the CFPB would typically require an act of Congress, Trump has shown a willingness to circumvent lawmakers in shaping the budget.

He has taken similar steps to shutter other agencies whose spending he deems wasteful.

Sen. Elizabeth Warren (D-Massachusetts), who helped found the CFPB, said that “Congress built the CFPB, and no one other than Congress — not the president, not Musk, not Vought — can shut it down,” in a video statement Monday.

A union representing CFPB workers sued Vought in federal court Sunday, arguing that the acting director’s initial orders represent “a precursor to a purge of CFPB’s workforce, which is now prohibited from fulfilling the agency’s statutory mission.”

The National Treasury Employees Union (NTEU) has requested a judge to prevent Vought from taking further actions that might freeze the CFPB’s operations.

The union also filed a second lawsuit against Vought over the work of the U.S. DOGE Service, the team of young aides — convened by Musk — who have embarked on a cost-cutting blitzkrieg upending the nation’s capital.

The NTEU alleged that Musk and his cohort had violated bureau employees’ privacy rights when they gained access to agency computer systems and viewed sensitive personal data.

Lawyers for the NTEU said, “The Bureau has acted contrary to law and regulation by granting DOGE and its members access to the records that the Bureau collects and maintains about every CFPB employee,” in their filing.

White House defends actions: “Woke” agenda under scrutiny

Spokespeople for the White House did not respond to requests for comment from The Post.

However, the White House defended its actions, attacking the CFPB for its “woke” agenda under previous director Rohit Chopra, a Biden appointee, arguing in part that the agency “gave itself the authority to regulate Americans’ checking accounts by dictating government price controls.”

Trump fired Chopra this month, before his term was set to expire.

The White House’s comment appeared to refer to recent CFPB rules that limit the penalties banks can charge customers who overspend their checking accounts.

The Biden-era regulations aimed to spare low-income Americans from debilitating fees, but bank lobbyists have sued to stop them from taking effect, arguing the CFPB had no authority to issue them.

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The pro-crypto stance of US President Donald Trump is reverberating across global markets, particularly in Japan, where one company’s bold pivot to Bitcoin accumulation is generating extraordinary returns for its shareholders.

Shares of Metaplanet Inc. have skyrocketed roughly 4,800% over the past year, making it the top-performing Japanese equity and one of the best-performing stocks globally, according to data compiled by Bloomberg.

This surge mirrors Bitcoin’s own impressive rally, which reached a record high of $109,241 on January 20 as Trump was sworn in for his second term (though it has since given up some of those gains).

Emulating MicroStrategy: a Bitcoin-first strategy takes hold

Metaplanet is among a growing number of companies seeking to replicate the success of Michael Saylor’s Strategy, formerly known as MicroStrategy Inc., which has become a leveraged Bitcoin proxy and a dominant force in the crypto space after accumulating over $45 billion worth of the digital asset.

Simon Gerovich, Metaplanet’s CEO and a former Goldman Sachs equity derivatives trader, told Bloomberg he was inspired by Saylor’s strategy after hearing about it on a podcast.

In early 2024, Gerovich shifted Metaplanet, previously a hotel developer called Red Planet Japan Inc., to a “Bitcoin-first strategy” following a pandemic-induced slowdown that forced the closure of most of its hotels.

Retail investors fuel the rally: risks and rewards

Since adopting its Bitcoin-centric approach, Metaplanet’s shareholder base has expanded dramatically, growing by 500% in 2024 to reach almost 50,000, according to the company.

While institutional investors like Capital Group (which also invests in Strategy) hold stakes in the company, the majority of shareholders are retail investors, many with limited experience in the highly volatile crypto market.

Rhiannon Ewart-White, Japan equity analyst and managing director of UK-based Storm Research, cautioned that “Metaplanet has such high exposure to the volatile retail base.

They need to make sure shareholders understand exactly what their strategy is.”

Financial turnaround: from losses to profits

After six consecutive years of losses, Metaplanet reported ¥350 million ($2.3 million) in operating profit for the year ended December 2024 on Monday.

These results are likely to further boost Metaplanet’s stock, according to Ewart-White.

Gerovich, who attended Trump’s inauguration ceremony in Washington last month, told Bloomberg that “the excitement around a more Bitcoin-friendly regulatory environment” in the US has catapulted demand in Japan for the token.

Metaplanet isn’t the only Japanese company adopting a MicroStrategy-like strategy.

Software developer Remixpoint Inc., for example, announced plans to purchase ¥1.2 billion in Bitcoin last September and has seen its stock increase by over 300% since.

Tax incentives for Bitcoin exposure

Many of Metaplanet’s retail shareholders bought shares through the Nippon Individual Savings Account (NISA) program, which Japan’s government revamped in early 2024 to encourage long-term investments.

Getto Hagiya, an 18-year-old robotics student from Tokyo, invested in Metaplanet shares as his first investment through the tax-free program. He said he became interested in Bitcoin after Trump promoted crypto-friendly policies during his campaign.

“I believe Bitcoin will be an indispensable asset in the future,” Hagiya told Bloomberg.

He was also enticed to invest by Metaplanet’s offer of free Bitcoin merchandise at its shareholder meetings.

Capital gains on direct Bitcoin purchases are subject to taxes of up to 55% in Japan, making stock proxies like Metaplanet via NISA an attractive, cost-effective option for small-scale and first-time investors.

Yen depreciation fuels Bitcoin appeal

Gerovich believes that “ongoing yen depreciation” makes Japan a fertile ground for Bitcoin adoption, as investors seek “a hedge against monetary debasement.”

Aggressive Bitcoin Acquisition Plans

As of January 28, Metaplanet held 1,762 Bitcoin (currently worth about $172 million), according to a company presentation.

The firm plans to increase its holdings to 10,000 tokens by the end of 2025 and 21,000 by the end of 2026.

To finance these purchases, Metaplanet intends to issue 21 million shares via moving strike warrants.

The company plans to rebrand its sole remaining hotel, the Royal Oak in Tokyo’s Gotanda area, as “The Bitcoin Hotel” later this year, aiming to host Bitcoin-related seminars and events.

While Metaplanet has a “profitable, albeit very small” hotel business backing its Bitcoin buying, according to Storm Research’s Ewart-White, she cautioned that “if the price of Bitcoin tanks, that’s going to be quite difficult for them.”

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The industrial metals sector has experienced a turbulent beginning to the year, with prices fluctuating significantly. 

This volatility is primarily attributed to the uncertainties surrounding potential tariffs and trade restrictions. 

The imposition or even the threat of tariffs can disrupt global supply chains, impacting the availability and cost of raw materials and finished products. 

This uncertainty creates a sense of unease among market participants, leading to speculative trading and price swings. 

Additionally, the complex interplay of geopolitical factors and macroeconomic trends further contributes to the volatility in industrial metals markets.

US President Donald Trump declared over the weekend that he intends to impose a 25% tariff on all steel and aluminum imports into the US. 

The tariffs, according to Trump, will apply to all countries, including major suppliers like Mexico and Canada. He did not, however, specify when the duties would go into effect.

Last week, Trump postponed the 25% general import tariffs on Canada and Mexico, but imposed a 10% levy on all Chinese shipments. However, the future of the tariffs remains unclear.

Beijing retaliated immediately by imposing a range of tariffs on US products. 

“There is a possibility that these tariffs are used as a negotiating tactic and are relaxed following concessions from target countries. This uncertainty will continue to weigh on sentiment,” Ewa Manthey, commodity strategist at ING Group, said in a report. 

US imports

The US depends on imports for approximately half of its aluminium requirements. Canada is the primary source, fulfilling 58% of these imports. 

The United Arab Emirates trails behind at 6%, as per US government data. 

Additionally, the US depends on Mexico and Canada for approximately 90% of its aluminium scrap imports.

The US imported 23% of its steel from Canada. Following Canada, the US imported 16% of its steel from Brazil, 12% from Mexico, and 10% from South Korea.

Manthey said:

Industries like automotive and manufacturing in the US, which heavily rely on imports of aluminium and steel and are deeply integrated with US supply chains, would face increased costs and disruptions if the proposed tariffs went ahead since many parts cross the border multiple times before becoming a final product.

Aluminium sector no stranger to US tariffs

The US had previously taken trade action against the aluminium sector. 

In January 2018, Trump in his first term as US president had imposed a 10% duty on aluminium imports and 25% on steel imports from most countries, with the exception of Australia. 

This was done to encourage domestic metal production.

The levies were later extended to the EU, Canada, and Mexico in June.

However, in 2024, the output of the US steel industry was 1% lower than it had been in 2017 before the introduction of the first round of tariffs by Trump, while the aluminium industry produced almost 10% less, according to ING. 

“For aluminium, rising energy costs have played a major role in the decline of the US smelting industry over the years. Canada’s aluminium industry, on the other hand, benefits from cheap hydropower to power its smelters,” Manthey added. 

The 2018 tariffs caused US Midwest premiums to soar, but the impact on the London Metal Exchange prices was negligible.

LME aluminium prices fell 10% over two months but then rebounded 27% within a month after the decline.

The tariffs on steel and aluminum from Canada and Mexico were removed in April 2019, following a new free trade agreement with the US.

These duties had initially been implemented a year earlier. 

Later, in December 2019, tariffs on some Chinese products were reduced to 7.5%.

Impact on aluminium

“Aluminium is likely to be most impacted by potential tariffs on metals with the US importing significant volumes of its aluminium from abroad,” Manthey added. 

Tariffs would result in higher aluminium prices in the US, representing a significant upside risk to the US Midwest premium this year.

The US Midwest premium is the best indicator of tariff risk.

Since Trump won the US presidential election, it has increased by over 30%. 

These premiums are added on top of the global benchmark prices, which are set on the LME, to deliver the metal to the US Midwest. 

Tariffs also risk demand destruction in the US, as the extra costs would most likely be passed on to end consumers, according to experts.

“We might also see changes in trade flows of aluminium.

Canadian exports might get redirected to Europe as it has duty-free access.

This would be bearish for European premiums,” Manthey said. 

The US currently sources only around 4% of its aluminium imports from China.

This is due to recent tariffs and trade actions that have made China a less attractive trading partner for aluminium products. 

As a result, a 25% increase in US tariffs on Chinese aluminium would likely have minimal impact on China’s aluminium industry, according to Manthey.

“While Trump’s tariffs on aluminium might drive an initial, short-term, price surge, the prospect of a global trade war is bearish for the LME aluminium price,” she added. 

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Google Maps has updated its naming conventions for US-based users, now displaying the body of water previously known as the Gulf of Mexico as the “Gulf of America.”

The change follows an executive order signed by former US President Donald Trump, who sought to “honor American greatness” by renaming geographic features linked to American history.

“People using Maps in the US will see ‘Gulf of America,’ and people in Mexico will see ‘Gulf of Mexico.’ Everyone else will see both names,” Google said in a statement Monday.

According to Google, the platform follows a longstanding policy of aligning its geographic names with official government sources.

The executive order, titled “Restoring Names That Honour American Greatness” (Executive Order 14172), instructs the US Secretary of the Interior to implement the name change within 30 days.

The White House statement accompanying the order defines the newly named Gulf as the “US Continental Shelf area bounded to the northeast, north, and northwest by Texas, Louisiana, Mississippi, Alabama, and Florida, extending to the maritime boundary with Mexico and Cuba.”

Mount McKinley name change not taken effect yet

The renaming of the Gulf was part of Trump’s broader effort to restore names that “reflect America’s historical legacy.”

The order also includes a provision to revert the name of Mount Denali, North America’s highest peak, back to Mount McKinley.

In 2015, former President Barack Obama changed the name of the mountain from Mount McKinley to Denali, the Indigenous name used for centuries by the Koyukon Athabascan people.

Trump’s order criticized this move as “an affront to President McKinley’s life, his achievements, and his sacrifice.”

It further drew parallels between McKinley and Trump, noting that McKinley “championed tariffs” and was assassinated “in an attack on our Nation’s values and our success.”

While the Gulf of America name change has been implemented on Google Maps, the Mount McKinley change has not yet taken effect.

The US Department of the Interior confirmed that it had updated government maps, with Secretary Doug Burgum sharing a screenshot on X that read, “It’s official!”

Mixed reactions and international response

Trump’s decision to rename the Gulf has sparked strong reactions both domestically and internationally.

Mexican President Claudia Sheinbaum sarcastically suggested renaming North America as “Mexican America” in response to the move.

In the US, the change has been welcomed by some of Trump’s supporters as a symbolic act of reclaiming American identity.

However, critics argue that the move is unnecessary and politically motivated.

The renaming of Mount Denali has also drawn backlash from Indigenous groups in Alaska, who see the attempt to revert the name as dismissive of their cultural heritage.

During a flight over the Gulf on Air Force One en route to the Super Bowl in New Orleans, Trump reinforced his stance, calling the renaming a “historic moment” in reinstating “American pride in our nation’s history and achievements.”

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Cryptocurrencies displayed optimism on Tuesday as Bitcoin becomes immune to tariffs’ developments.

While altcoins mirrored the enhanced sentiments, Aave stole the show with an over 6% daily uptick.

Coinmarketcap shows AAVE jumped from the opening price of $245 to the resistance at $260 within the past day.

The prevailing bullish trends emerge as enthusiasts brace for US CPI stats on Wednesday.

With no Federal conference until March, the upcoming data will likely set the market tone for February.

The CPI report will likely highlight inflation trends, possibly influencing interest rates decisions.

The latest weak US job data triggered debates about Fed rate cuts as the economy demonstrated resilience.

A lower-than-anticipated inflation data might reinforce the rate reduction narrative, boosting cryptocurrency prices.

Meanwhile, markets might respond negatively should the CPI surprise with higher numbers.

Aave’s bullish outlook

AAVE exhibits an optimistic trajectory supported by technical indicators.

The 4H 9-EMA and the 21-EMA’s bullish crossover support trend shifts to bullish.

Also, the altcoin’s price hovers above these moving averages.

That confirms near-term stability and upside continuation.

The Relative Strength Index at 59 reveals more room for AAVE surges before hitting overbought conditions.

The Moving Average Convergence Divergence displays fading selling pressure with weakening red histograms.

Further, the Chaikin Money Flow has jumped from yesterday’s -0.17 to +0.17 at press time.

That signals money entering the Aave ecosystem amidst accumulations.

The Open Interest has increased by 10% to $229.87 million (Coinglass data).

The metric has gradually declined since nearing $500 million in 2024’s final three months.

OI’s plunge matched Aave’s price stability within $214 – $271.

That indicates moderating market activity amid consolidating prices.

Continued bullishness could propel AAVE to $271, beyond which the alt could soar to $300.

Such trends will confirm significant bullishness, supporting potential rallies towards December peaks of $385.

That would mean a nearly 50% value increase from current prices of $260.17.

However, broad market sentiment remained crucial for AAVE’s performance.

A hawkish outlook from the CPI data might catalyze bearish actions for risk-on assets.

Sudden selling momentum will delay Aave’s anticipated surges.

The alt will likely slide toward the support barrier at $243 – a 7% dip. Losing this foothold might trigger significant declines in Aave prices.

Moreover, AAVE experienced reduced activity from large-scale investors.

Transactions worth over $100K have declined from the February 3 peak of 1,070 to 160 at press time.

Also, sentiments indicate a cautious stance.

AAVE witnessed 142 bears and 137 bulls the previous week, indicating a brief bearish tilt from the existing balance.

That suggests an indecisive market awaiting more cues from price actions and economic developments.

Other top US events that could influence crypto include PPI and jobless claims on Thursday and retail sales data on Friday.

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