August 29 2025

GAO Report on Virtual Currencies: CFPB Needs to Be More Involved

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A GAO report released on June 26 discussed the potential risks and benefits for consumers. According to the GAO, the risks facing consumers include lack of bank involvement (and thus the protections from the FDIC and other insurers), limits on financial recourse in the event that the virtual currency account is hacked, and volatile prices. The report found that addressing the risks associated with virtual currencies such as Bitcoin and other crypto currencies will require interagency collaboration, including a stronger presence from the CFPB. [7/3/14]

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