We Will Continue to Monitor Bitcoin

The US Consumer Financial Protection Bureau (CFPB) incited a mixed response from the bitcoin community on 11th August when it issued a new warning to US consumers.
The release evoked sometimes strong language in an attempt to warn the public about the potential dangers of engaging with the bitcoin ecosystem, with CFPB Director Richard Cordray likening the ecosystem to a virtual ‘Wild West’.
Following the release of the guidance, CoinDesk reached out to the CFPB for more details on how the agency has been working to educate its employees and consumers about bitcoin and digital currency, and to highlight its response to the concerns of the bitcoin ecosystem.
Though the agency stopped short of addressing industry concerns, a spokesperson for the US consumer protection group told CoinDesk that it is still actively working to understand the potential consumer protection issues by all emerging technologies, and that bitcoin is just one part of its overarching mandate.
The CFPB said:

“We will continue to carefully monitor the development of digital currencies as they relate to the consumer financial marketplace and, if necessary, take appropriate steps.”

The CFPB declined to comment on its choice of wording in the guidance.
However, the agency suggested that its first priority is to carry out its responsibility of ensuring US consumers are protected in the financial marketplace.

Putting consumers first

The CFPB further directed CoinDesk to more general information about the agency, in which it aimed to illuminate the nature of the CFPB’s most recent statements regarding bitcoin.

Read more at:
http://www.coindesk.com/cfpb-we-will-monitor-bitcoin/