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 focus to traditional finance, branded credit and prepaid cards, it has raised questions on the future of financial services.
- Bitcoin, Ethereum and Ripple prices stayed firm ahead of the anticipated rate hike in today’s FOMC meeting.
The top US consumer watchdog has intensified scrutiny of real-time crypto payments. The Consumer Financial Protection Bureau (CFPB) has ramped up 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 is intent on scrutinizing cryptocurrency use for real-time payments. Consumer Financial Protection Bureau (CFPB) has ramped up oversight of Big Tech companies as they expand into the traditional financial sector.
Rohit Chopra, director of CFPB told Reuters that a lot of questions have been raised about the future of financial services. Chopra said,
The regulators all had a wakeup call when Facebook proposed its Libra project, which potentially could be a currency that rapidly scaled across Facebook's networks.
Chopra argues that America is not ready for Big Tech and the industry has started entering the traditional finance domain. Cryptocurrency firms came under the radar after the market cratered in recent months.
Since big online companies can drive widespread adoption of cryptocurrencies for real-time payments, the CFPB is heavily focused on these firms. There are concerns of hacks, errors and fraud in crypto payments.
Bitcoin, Ethereum and Ripple stand their ground ahead of FOMC meeting
Bitcoin, Ethereum and Ripple stood their ground, ahead of the rate hike announcement by the US Federal Reserve but Posty, a leading crypto market analyst, believes Bitcoin price could sweep range lows, if the downtrend is extended.
BTC-USDT Perpetual Contract
Venture Founder, an analyst and trader argues that Ethereum at $500-$600 remains at moderate possibility in the current trend. The analyst believes $1,400 was the cycle top and negative macro, post the FOMC meeting could push ETH lower.
ETH-USD price chart
FXStreet analysts have identified that Ethereum price took a u-turn and a potential retest of $1,000 is likely. For price levels and key information, check the following video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
