US Consumer Bureau promises to watch Bitcoin more closely

The United States Consumer Financial Protection Bureau (CFPB) has pledged to follow Bitcoin and other digital currencies more closely. The order came from the Government Accountability Office (GAO).

According to the Daily Herald, the office, considered the investigative arm of Congress, wrote a confidential report back in May where it instigates the bureau to be more active when it comes to developing cryptocurrency policies in the country.

“We’re looking forward to increasing our involvement in formal working groups as they engage on specific issues relating to consumer protection”, said William Wade-Gery, acting assistant director for card and payment markets, in a reply sent to the Government Accountability Office earlier this year.

Although the report produced by the GAO does not specify which cryptocurrency-related issues have tp be addressed by the bureau, both institutions recognize that security is a major concern.

In the meantime, the document has been sought out by Senator Tom Carper. The Delaware Democrat, responsible for the first Bitcoin hearings in 2013, wanted to find out what the US government is doing to develop regulation for digital currencies and how Bitcoin can be used in the future.

Carper said that the “GAO’s report underscores the importance that all sectors — law enforcement, industry, relevant regulators, and consumer protection agencies — must come to the table and engage in meaningful dialogue to provide clear rules of the road for entrepreneurs, investors, and consumers alike“.

Image from Wikimedia

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