Coin

<ul class="news-points"> 
 <li>More U.S. regulators, such as the CFPB, now seek to exert authority over cryptocurrency.&nbsp;</li> 
 <li>The CFPB has moved to expand its examination authority over large payment companies.</li> 
 <li>A legal expert argued that the CFPB’s proposal would offer unprecedented access to non-bank institutions’ financial records.</li> 
</ul> 
The U.S. Consumer Financial Protection Bureau (CFPB) has joined the list of U.S. regulators that seek to claim a share of crypto oversight responsibilities. In a recent <a href="https://files.consumerfinance.gov/f/documents/cfpb_nprm-digital-payment-apps-lp-rule_2023-11.pdf" target="_blank" rel="nofollow">statement</a>, the CFPB communicated its intent to propose a regulation to delineate a market for digital consumer payment applications designed for general use. 
According to the statement, the proposed market would encompass entities offering fund transfer and wallet features through digital applications. It specifically targets entities facilitating consumer payments to other individuals for personal, family, or household purposes. It is worth mentioning that the proposed rule asserts that fund transfers, even if not electronic fund transfers under Regulation E, constitute a part of consumer payment transactions.&nbsp; 
The Consumer Financial Protection Bureau (CFPB) interprets the term “funds” in the …
The post <a href="https://coinedition.com/crypto-oversight-battle-heats-up-as-cfpb-seeks-broader-control/">Crypto Oversight Battle Heats Up as CFPB Seeks Broader Control</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Crypto Oversight Battle Heats Up as CFPB Seeks Broader Control

Coin Edition

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