- 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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.