According to TechFlow, Rohit Chopra, director of the U.S. Consumer Financial Protection Bureau (CFPB), issued a warning that large U.S. financial companies are extensively collecting financial data of Americans, a practice that could cause the United States to develop a market structure similar to that of China.

To address the issue, Chopra urged new regulations requiring payment companies to provide more information about personal data and the use of digital currencies, emphasizing that such disclosures are critical because private companies have amassed enormous power over Americans’ financial decisions.

To limit surveillance opportunities, the CFPB is considering directly supervising the services of non-bank financial platforms while promoting the United States’ shift to an open, competitive, and decentralized banking model to ensure that personal data is not abused.

In addition, Chopra also pointed out that the CFPB is ready to take new actions related to digital currencies, with a special focus on stablecoins. He emphasized that stablecoins may involve risks of surveillance and token instability, so the CFPB is considering requiring technology companies to provide more information about their digital currency business models and conduct new reviews.