US Consumer Protection Agency Asked to Boost Bitcoin Oversight
The full GAO report is now available and can be found here. The US Consumer Financial Protection Bureau (CFPB), an independent federal agency tasked with policing financial products, is preparing to take its first steps toward increasing oversight of bitcoin following a request from a separate government agency. Bloomberg reports that the Government Accountability Office (GAO), which oversees Congressional spending and policies, formally asked the CFPB to look into digital currencies earlier this year. In a letter obtained by Bloomberg, the GAO said that it wants US consumer finance....
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The CFPB, the government agency overseeing consumer protection in the financial sector has not included bitcoin and other virtual currencies and related products from its new prepaid regulatory requirements. Virtual currencies like bitcoin and related products are outside the scope of a newly amended prepaid regulation [PDF] by the Bureau of Consumer Financial Protection (CFPB), a new final ruling on Wednesday revealed. Revealing the process prior to the ruling, the governmental agency revealed that a number of commentators weighed in on to facilitate the Bureau’s decision. Those who....
Twenty-three U.S. lawmakers have called on the U.S. Environmental Protection Agency (EPA) to increase oversight of cryptocurrency’s environmental impacts. “We request that the EPA evaluate ‘Proof-of-Work’ mining facilities’ compliance with environmental statutes,” they said.
Lawmakers Want More Oversight of Bitcoin Mining Industry
U.S. Representative Jared Huffman (D-CA) and 22 other Congress members jointly sent a letter to Environmental Protection Agency (EPA) Administrator Michael Regan regarding cryptocurrency mining operations....
The US Consumer Financial Protection Bureau (CFPB) incited a mixed response from the bitcoin community on 11th August when it issued a new warning to US consumers. The release evoked sometimes strong language in an attempt to warn the public about the potential dangers of engaging with the bitcoin ecosystem, with CFPB Director Richard Cordray likening the ecosystem to a virtual 'Wild West'. Following the release of the guidance, CoinDesk reached out to the CFPB for more details on how the agency has been working to educate its employees and consumers about bitcoin and digital currency, and....
The Japanese government is gearing up to regulate bitcoin activity more actively in the wake of the collapse of bitcoin exchange Mt Gox. Nikkei reported earlier today that members of a select panel within the country's Financial Services Agency - its top finance regulator - are looking to draft a regulatory framework for bitcoin-related businesses. The government has indicated in the past that it intends to seek greater oversight over bitcoin businesses in response to the bankruptcy of Mt Gox. CEO Mark Karpeles has faced multiple arrests this year, bringing new attention to the 2014....
The implications of blockchain technology in the consumer sector will be the focus of the Federal Trade Commission’s (FTC) 2017 FinTech Forum in March. With an announcement on Friday, the half-day event will see industry participants, researchers, government representatives and consumer groups come together on March 9, 2017. This is the third FinTech forum hosted by the US consumer protection agency and the topics of the 2017 edition will look into blockchain technology and artificial intelligence. The open-to-all event will also see participants discuss and explore the potential benefits....