- 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
Here are the best and worst-performing cryptocurrencies in H1 2024
A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.
Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft
Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market.
What to expect from altcoins as ETH ETF approval draws closer
As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.
PolitiFi meme coins surge as Biden support lowers
Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.