Friday, June 27, 2014

Bitcoin to Get More Attention From U.S. Consumer Bureau

The Bitcoin choking regulations are coming.

The Government Accountability Office, the investigative arm of Congress, wrote in a confidential report last month that the Consumer Financial Protection Bureau, created by the 2010 Dodd-Frank , needed to become more active in developing U.S. digital-currency policies. In a written response, the agency agreed, reports Bloomberg.

“We’re looking forward to increasing our involvement in formal working groups as they engage on specific issues relating to consumer protection,” William Wade-Gery, CFPB’s acting assistant director for card and payment markets, wrote in a May 6 letter to the GAO.

“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,” Senator Tom Carper said in an e-mailed statement.

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