RSSPresident Joe Biden has included the Consumer Financial Protection Bureau in his executive order establishing a federal digital assets strategy.
Through the order, the Biden administration said it wants to protect consumers, investors and businesses as well as financial stability and mitigate finance and national security risks. It also wants to shore up U.S. leadership in the global financial system and in technological and economic competitiveness. The order aims to promote access to safe and affordable financial services and support technological advances that foster responsible development and use of digital assets.
Along with other agencies, the CFPB has been asked to report on “the implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for United States consumers, investors, businesses, and for equitable economic growth.” Those reports will also list policy recommendations, including potential regulatory and legislative actions.
Biden also asked the bureau to consider the impact on market competition, a focus of his administration, as well as privacy or consumer protection measures necessary to protect users of digital assets.
The “executive order recognizes that the dramatic growth in digital asset markets has created profound implications for financial stability, consumer protection, national security, and energy demand,” said CFPB Director Rohit Chopra. “The Consumer Financial Protection Bureau is committed to working to promote competition and innovation, while also reducing the risks that digital assets could pose to our safety and security. We must make sure Americans in all financial markets are protected against errors, theft, or fraud.”
Other agencies involved in the efforts include the Federal Trade Commission, Federal Reserve Board, FDIC and the Office of the Comptroller of the Currency.
