Dollars

Sense

<p>The CFPB proposes stringent rules for digital wallets and crypto apps to ensure robust consumer financial protection.</p>
<p><strong>&nbsp;</strong></p>
<h2 style="text-align: center;" id="strong-leveling-the-digital-playing-field-strong"><strong>Leveling the Digital Playing Field</strong></h2>
<p>The Consumer Financial Protection Bureau (CFPB) is taking a bold step, led by Director Rohit Chopra. They’re proposing rules to keep an eye on big nonbank companies, like those behind our everyday digital wallets and payment apps. It’s a big deal because these companies, think PayPal and Apple, handle millions of transactions but don’t face the same checks as banks. The CFPB’s <a href="https://www.reuters.com/technology/us-consumer-watchdog-proposes-rules-big-tech-payments-digital-wallets-2023-11-07/" rel="noopener noreferrer nofollow">message is clear</a>: handle over 5 million transactions, and you should play by the same rules as the big banks.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Big Tech companies and popular apps now control more and more of the consumer payments system. Today, the <a href="https://twitter.com/CFPB?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CFPB</a> proposed a rule to subject the biggest players to similar inspections currently required of banks. <a href="https://t.co/iimpU6nq9Q" rel="noopener noreferrer nofollow">https://t.co/iimpU6nq9Q</a></p>
 <p>— Rohit Chopra (@chopracfpb) <a href="https://twitter.com/chopracfpb/status/1721947061027815449?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 7, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<h2 id="">&nbsp;</h2>
<h2 style="text-align: center;" id="strong-digital-dollars-and-sense-strong"><strong>Digital Dollars and Sense</strong></h2>
<p>We’re all using apps more to send cash and shop. These <a href="https://walletinvestor.com/magazinadmin/best-crypto-casino-apps-2023/" rel="noopener noreferrer nofollow">apps</a> are now as common as using cards. But here’s the catch: they’re missing some key protections. Imagine if your bank had no insurance for your cash – that’s the issue here. The CFPB’s proposed rules aim to fix this, making sure these companies keep your money as safe as a bank would.</p>
<p>&nbsp;</p>
<h2 style="text-align: center;" id="strong-big-tech-s-big-responsibility-strong"><strong>Big Tech’s Big Responsibility</strong></h2>
<p>The CFPB isn’t just talking tough; they’re taking action. They’ve already put Big Tech on notice, telling them to stick to the rules, especially when they’re advertising. They’re digging into how these companies will use our data. And they’ve opened a new office to make sure smaller companies can stand up to the tech giants.</p>
<p>&nbsp;</p>
<h2 style="text-align: center;" id="strong-crypto-under-the-microscope-strong"><strong>Crypto Under the Microscope</strong></h2>
<p>It’s not just about payment apps. The CFPB’s looking at crypto wallets too. But they’re focusing on when you use crypto to buy things, not when you’re trading it. They want to make sure using crypto for shopping is as safe as using traditional money.</p>
<p>&nbsp;</p>
<h2 style="text-align: center;" id="strong-aiming-for-fairness-strong"><strong>Aiming for Fairness</strong></h2>
<p>This is all about safety and fairness. The CFPB wants you to feel secure, whether you’re banking online or tapping your phone to pay. Banks and tech companies are nodding along. They agree that everyone, no matter where they put their money, deserves the same protection.</p>
<p>&nbsp;</p>
<h2 style="text-align: center;" id="strong-the-road-ahead-strong"><strong>The Road Ahead</strong></h2>
<p>This isn’t set in stone yet. The CFPB has laid out their plan and now they’re waiting to hear what people think. They’re all ears until early 2024. After that, they’ll decide if these rules become the law of the land.</p>
<h2 id="">&nbsp;</h2>
<h2 style="text-align: center;" id="strong-conclusion-strong"><strong>Conclusion</strong></h2>
<p>The CFPB’s latest move could change the game for digital finance. By proposing to supervise digital wallets and crypto apps, they’re pushing for a market where everyone plays by the same rules. It’s about keeping your digital transactions safe and making sure Big Tech companies are as accountable as banks. With these changes, the CFPB is not just catching up with the digital age; they’re shaping it to be fairer for everyone.</p>
<p><strong>&nbsp;</strong></p>

CFPB Targets Big Tech with Proposed Supervision of Digital Wallets and Crypto Apps

Table of Contents

WalletInvestor

Other articles published on Nov 7, 2023

XRP Price Loses the 4th Spot, But $1 Appears to be Attainable

Kraken Plans to Launch Layer-2 Blockchain to Rival Coinbase’s Base

Bitfarms Reports Q3 2023 Earnings

Near-Term XRP Price Rally Of 270% Is Imminent: Crypto Analyst

US lawmaker seeks to slash SEC chief’s salary to just $1

Investor optimism fuels meme coins growth: predictions and market analysis

Join our free newsletter for daily crypto updates!