Coin Center responded to a late-December demand by Sen. Warren, who sought more information on efforts by Coin Center to hire former gov't officials to lobby Congress on pro-digital currency issues.
A U.S. consumer protection bureau proposed increased oversight for non-bank financial firms, but American banks say that including digital assets is premature.
The Consumer Financial Protection Bureau, a government agency responsible for consumer protection in the financial sector, looks to apply the protection mechanisms of the Electronic Fund Transfer Act to digital assets.
On March 23, Hindenburg Research issued a lengthy report on how "inflated user metrics and 'frictionless' fraud facilitation enabled [Block] insiders to cash out over $1 billion."
Between October 2018 and September 2022, the CFPB received more than 8,300 virtual currency complaints, “the majority in the last two years.”
The Office of Competition and Innovation, as the new unit is called in the CFPB announcement, will be tasked with helping to spur innovation in the financial services industry in the United States.
