Survey: Most Americans Think Crypto and Fintech Companies Aren’t Held to Same Regulatory Standards as Banks

A recent Consumer Bankers Association (CBA) survey found that nearly 90 percent of Americans are concerned that crypto and fintech companies are not held to the same regulatory standards as traditional banks. The survey gathered responses from over 1,000 adults over three days while crypto exchange FTX filed for bankruptcy.

“These findings demonstrate that consumers want and need policymakers to ensure large financial services providers operate within the well-regulated, well-supervised financial system,” CBA CEO Lindsey Johnson said in a statement, according to Banking Dive. “Doing so will provide hardworking Americans the ability to safely benefit from innovations in the highly competitive financial marketplace, with the necessary regulatory transparency, oversight, and consumer protections.”

The CBA found that 56 percent of those surveyed want Congress and the Consumer Financial Protection Bureau (CFPB) to implement more protections against “harm and abuse” for consumers, compared to 24 percent who believe enough is being done.

Before survey results were released, federal prosecutors were watching crypto exchange Binance for potential money laundering. The results were also released one day after the arrest of Bankman-Fried on charges including wire fraud.

Generally, consumers see traditional banks in a better light than fintech and crypto firms. Net favorability of Federal Deposit Insurance Corp. (FDIC)-insured banks and credit unions was +60 in the survey, while fintechs’ net favorability was +32 and crypto firms was -7.