US regulator proposes stronger protections against crypto payment fraud and surveillance
Author: Content Editor
The Consumer Financial Protection Bureau (CFPB) has issued two proposals aimed at protecting customers against fraud and excessive surveillance in cryptocurrency payments. The first proposal seeks to prevent intrusive data collection when making digital payments on large tech platforms, while the second proposal aims to strengthen laws protecting clients against fraud in gaming and other cryptocurrencies. CFPB Director Rohit Chopra emphasized the importance of ensuring transactions are not tainted by harmful surveillance or errors. It remains uncertain how the proposals will be affected by the incoming Trump administration, which may bring changes to the current leadership. The CFPB conducted research revealing that some payment mechanisms gather irrelevant data, which can be used for personalized pricing. The deadline for public comment on the proposals is April 11.