The U.S. Consumer Financial Protection Bureau may require technology companies to provide more information about their digital currency business models and conduct new reviews

ChainCatcher news, according to Decrypt, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), has issued a warning that large financial companies in the United States are widely collecting financial data from Americans, a practice that could lead to the U.S. becoming a market structure similar to that of China.

To address this issue, Chopra urged the implementation of new regulatory measures, requiring payment companies to provide more information about personal data and the use of digital currencies. He emphasized that the disclosure of this information is crucial, as private companies have accumulated significant power over Americans' financial decisions.

To limit surveillance opportunities, the CFPB is considering direct oversight of non-bank financial platforms' services while promoting a shift in the U.S. towards an open, competitive, and decentralized banking model to ensure personal data is not misused.

Additionally, Chopra noted that the CFPB is prepared to take new actions related to digital currencies, with a particular focus on stablecoins. He emphasized that stablecoins may involve risks of surveillance and token instability, and therefore the CFPB is considering requiring technology companies to provide more information about their digital currency business models and to undergo new reviews.