In a detailed critique, the Blockchain Association counters the CFPB’s latest proposal to oversee digital consumer payment applications, citing legal and jurisdictional overreaches in the bureau’s approach to cryptocurrencies and digital assets.
CFPB Faces Criticism from Blockchain Association Over New Proposal
In November 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule aimed at bringing non-bank payment providers and certain crypto transactions under its oversight. The proposal was ostensibly seen as a step towards modernizing financial regulation, and has sparked backlash in the crypto community.
The proposed rule by the CFPB seeks to define a market for general-use digital consumer payment applications. This would bring apps like Venmo and other digital asset platforms under the same regulatory scrutiny traditionally reserved for banks. The implication for the crypto industry is profound, as this could subject various crypto transactions to increased re
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