ChainCatcher reported that according to Decrypt, Rohit Chopra, director of the U.S. Consumer Financial Protection Bureau (CFPB), issued a warning that large U.S. financial companies are widely collecting financial data of Americans, and this practice may cause the United States to become a market structure similar to that of China.

To address the issue, Chopra urged new regulations that would require payment companies to provide more information about personal data and the use of digital currencies. He stressed 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 U.S.’s 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 asking technology companies to provide more information about their digital currency business models and conduct new reviews.