The United States (US) Consumer Financial Protection Bureau is scrutinizing daily crypto payments.
US Consumer Watch: Cryptocurrencies Under Review
The Consumer Financial Protection Bureau plans to scrutinize real-time cryptocurrency usage and increase oversight of Big Tech companies growing in the traditional financial sector.
Cryptocurrencies have come under scrutiny after some crypto companies such as Three Arrows Capital (3AC) went bankrupt after the Terra ecosystem collapsed.
Rohit Chopra, Director of the Consumer Financial Protection Bureau, said in an interview that the Consumer Financial Protection Bureau (CFPB) will release a report on buy-now, pay- later (BNPL) products this fall, and expects to propose a rule early next year that will boost consumer finance competition.
Referring to the loans and prepaid loans of companies, Chopra also gave the following statements:
“Is America ready for Big Tech companies to enter financial services? We are already starting to see how the industry is getting into payments. We’re also starting to see how there is interest in other areas. This really raises a lot of questions about the future of financial services.”
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