24/7 Cryptocurrency News

Jack Dorsey’s Block Cash App Comes Under Probe, Here’s Why

Published by
Jack Dorsey’s Block Cash App Comes Under Probe, Here’s Why

The Consumer Financial Protection Bureau (CFPB) is taking Jack Dorsey’s Block Inc. to a federal court. The CFPB has alleged that Block has failed to comply with its investigative demands relating to its Cash app payment tools.

Cash App is a popular platform for users to transact their stocks and Bitcoin. Last Thursday, August 18, the CFPB filed a petition with the US District Court for the Northern District of California and demanded a civil investigative demand.

The CFPB alleges that Block Inc. has to provide all documents and data that they requested back in August 2020 and August 2021. The investigation relates to Cash App’s handling of complaints and disputes.

However, Block has expressed disappointment stating that the CFPB decided to file s petition despite their regular communication and cooperation. A Block spokesperson told Bloomberg:

“We have been waiting weeks for the CFPB to respond to our most recent communication, which outlined the scope of our prior responses, set-forth a proposed timeline for the remainder of the production of materials, and posed additional clarifying questions for the bureau”.

CFPB Says Block Not Cooperating Enough

The CFPB said that it reached out to Block’s counsel several times for document and data requests. Besides, they also agreed on having extended deadlines. Despite this, the Block failed to provide documents for six specific questions raised by CFPB.

The Bureau further called that Block also failed to file a formal petition either to modify or set aside the investigative demands. It further added that the date for full compliance for the 2020 investigative demand was Oct. 14, 2020. Similarly, 2021’s compliance deadline was Dec. 5, 2021.

CFPB noted that Block Inc hasn’t yet provided firm dates by which it will produce relevant documents. The CFPB’s petition reads:

“The Bureau cannot sit back while its investigation is stymied by Block’s slow-walking. Not engaging meaningfully in the meet and confers is an easy justification for the staff to pursue the lawsuit”.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025
  • 24/7 Cryptocurrency News

FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading

FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…

October 2, 2025
  • Bitcoin News

Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000

JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…

October 2, 2025
  • 24/7 Cryptocurrency News

Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand

Derivatives exchange CME Group has announced plans to begin offering 247/7  crypto futures and options…

October 2, 2025
  • Bitcoin News

Citigroup Predicts Bitcoin Could Climb to $231,000 in 12 Months

Banking giant Citigroup has revised its Bitcoin prediction to $231,000 in the next 12 months,…

October 2, 2025