WASHINGTON—Members of a House subcommittee debated the Consumer Financial Protection Bureau’s proposal to regulate payment apps, including those dealing with cryptocurrency.
The proposal targets nonbank companies processing over five million transactions yearly, mirroring bank regulations, according to the Crypto Times account.
Some House Financial Services subcommittee members, including Rep. Mike Flood (R-NE), raised concerns about the CFPB’s authority over crypto, questioning its legality.
On the other hand, Democrats such as Rep. Stephen Lynch (D-MA) supported CFPB oversight due to crypto’s volatility causing investment losses, the Crypto Times said.
Worries Expressed
“The rule, which mentions cryptocurrencies multiple times, faced criticism for potentially expanding CFPB’s jurisdiction into crypto transactions and self-hosted wallets,” the report stated. “Witnesses and lawmakers, including Rep. Patrick McHenry (R-NC) and Rep. French Hill (R-AR), expressed worries about the rule’s vague implications for digital assets. Amid calls for regulatory clarity for crypto firms, Rep. Warren Davidson (R-OH) highlighted challenges in getting clear guidance.”
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