Top US consumer watchdog watches crypto payments with intense scrutiny
- The Consumer Financial Protection Bureau has planned scrutiny of crypto use in real-time payments and oversight of Big Tech companies.
- As Big Tech shifts its focus to traditional finance, branded credit and prepaid cards, it has raised questions about the future of financial services.
- Bitcoin, Ethereum and Ripple prices held steady ahead of the expected rate hike in today’s FOMC meeting.
The top American consumer watchdog has intensified scrutiny of real-time crypto payments. The Consumer Financial Protection Bureau (CFPB) has increased oversight of Big Tech companies as they expand into traditional finance.
Also read: Dogecoin and Shiba Inu bleed in Pre-FOMC crypto snoozefest
Crypto real-time payments under top US consumer watchdog radar
Top US consumer watchdog set to scrutinize use of cryptocurrency for real-time payments. The Consumer Financial Protection Bureau (CFPB) has increased its oversight of Big Tech companies as they expand into the traditional financial sector.
Rohit Chopra, director of the CFPB told Reuters that many questions have been raised about the future of financial services. Chopra said,
The regulators all got a wake-up call when Facebook proposed its Libra project, which could potentially be a currency that quickly scaled across Facebook’s network.
Chopra argues that America is not ready for Big Tech and that the industry has begun to enter the traditional financial domain. Cryptocurrency firms came under the radar after the market crashed in recent months.
Since large online companies can drive widespread use of cryptocurrencies for real-time payments, the CFPB is heavily focused on these firms. There are concerns about hacks, bugs and fraud in crypto payments.
Bitcoin, Ethereum and Ripple stand their ground ahead of the FOMC meeting
Bitcoin, Ethereum and Ripple held their own, ahead of the US Federal Reserve’s interest rate hike announcement, but Posty, a leading crypto market analyst, believes Bitcoin price could sweep the declines if the downtrend extends.
BTC-USDT perpetual contract
Venture Founder, an analyst and trader claims that Ethereum at $500-$600 is still moderate in the current trend. The analyst believes $1400 was the cycle peak and the negative macro, after the FOMC meeting may push ETH lower.
ETH-USD price chart
FXStreet analysts have identified that the Ethereum price took a u-turn and a potential retest of $1000 is likely. For price levels and key information, check the following video:
