The US Consumer Financial Protection Bureau (CFPB) is launching a regulatory “sandbox” to support the blockchain and other finteсh innovations, Mick Mulvaney, the acting head of the agency, said on Wednesday.
CFPB wants to help companies that develop these new technologies, as well as help promote their “products and services”, the Wall Street Journal reports. Mulvaney told the journal that the new office, leading this initiative, will specifically study cryptocurrencies, blockchain-based platforms, other private currencies and individual “microlending”. The agency can even explore alternatives to traditional credit ratings. Mulvaney noted:
“We can make a compelling argument ... that technology really offers innovative ways to protect consumers. We are going away from the “hot” lines for complaints, where you can actually see what is happening real-time”.
According to the WSJ, the new office will be headed by Paul Watkins, who previously helped the state of Arizona launch its own regulatory “sandbox” for cryptocurrencies and blockchain.
This is not the first time that Mulvaney supports blockchain technology. Last month, the head of the US Office for Management and Budget said at the conference that regulators needed to find a “golden mean” in encouraging financial technology, preventing the spread of fraud. At that time, he hinted at the need to create a new regulatory framework.
Mick Mulvaney, a conservative Republican congressman from South Carolina and a long-time supporter of bitcoin, was selected by the head of the Office for Management and Budget in the future administration of Donald Trump in December 2016.
Recently, the UK Financial Conduct Authority (FCA) has selected 11 start-ups associated with blockchain and distributed ledger technology for the last and fourth cohort of start-ups of its regulatory “sandbox'. The last set includes almost 40% of the 29 companies that got into the "sandbox". In addition, in April this year, the Bank of Russia launched a regulatory “sandbox” for fintech projects.
Now, let's move to the technical analysis of Bitcoin (BTC):
Bitcoin stubbornly does not want to fall or grow. In fact, it is in the outset. But, it won't be that way for long, sooner or later, it will go up or down. Unlike bitcoin, ethereum and ripple have already been adjusted downward. We rather expect correction than new growth. The nearest resistance level is $7,750. The nearest support level is $7,060.
Technical analysis of Ethereum (ETH):
Ethereum continued to go down, reaching $445. Then, it jumped and is now trying to grow. We expect further downward movement. The nearest resistance level is at $475. The nearest support level is at $445.
Technical analysis of Ripple (XRP):
Ripple wasn't an exception, and it also continued its negative movement to the mark of $0.41. Now, it is trying to bounce up, but we assume that it will go even lower. On the chart, the outlines of “head of the shoulders” are clearly visible. The nearest resistance level is at $0.45. The nearest support level is at $0.40.