By Carter Dougherty
Bitcoin and other digital currencies will get more attention from the U.S. Consumer Financial Protection Bureau after prodding from a congressional watchdog.
The Government Accountability Office, the investigative arm of Congress, wrote in a confidential report that the bureau, created by the 2010 Dodd-Frank financial regulatory overhaul, needed to become more active in developing U.S. digital-currency policies. In a written response, the agency agreed.
“We’re looking forward to increasing our involvement in formal working groups as they engage on specific issues relating to consumer protection,” William Wade-Gery, acting assistant director for card and payment markets, wrote in a May 6 letter to GAO.