​CFPB not planning crypto crackdown, says Bureau Director Chop | Crypto Sale

​CFPB not planning crypto crackdown, says Bureau Director Chopra

The Consumer Financial Protection Bureau is not planning an immediate crypto crackdown, its director said today, while choosing his words carefully.

“Crypto is not a product. Certain electronic consumer transactions are,” CFPB Director Rohit Chopra told The Block after an hours-long congressional hearing.

Digital asset policy came up frequently during a regular appearance by Chopra before the House Financial Services Committee, including further prodding around whether a recently published consumer alert bulletin related to crypto meant the bureau would step up enforcement on crypto companies.

“Do you anticipate expanding your enforcement in this area?” asked Rep. Bill Huizenga, R-Mich., referring to those reports.
“No,” answered Chopra.

The bureau has also moved ahead on an inquiry into crypto lender Nexo, which led to the company’s announcement that it would gradually leave the U.S.