US Lawmakers Push Back Against Proposed CFPB Rule, Citing Potential Impact on Crypto

Representatives Patrick McHenry, Mike Flood And French Hill called For A additional 60 days For A CFPB proposal has consider THE impact on digital assets.

Leaders of THE United States Home Financial Services Committee And Subcommittee on Digital Assets, Financial Technology And Inclusion called For A longer comment period on A propose ruler Since THE Consumer Financial protection desk (CFPB), affirming It is impact on THE digital active space would be be "not clear" if implemented.

In A Jan. 30 letter has CFPB Director Rohit Chopra, Representatives Patrick McHenry, Mike Flood And French Hill interrogates how A November 2023 proposal "would be apply has specific entities In THE digital active ecosystem. » THE CFPB ruler suggested extension It is monitoring authority over deposit institutions, including digital assets In It is definition of "funds," And allowing he has target wallets.

THE three the legislators said A lack of clarity For affected crypto Exchanges could deter companies Since allowing equals transactions through wallets hosted on THE platforms. They request THE CFPB open THE proposal has public comments For A additional 60 days, accepting And considering back on crypto.

#NEW: President @PatrickMcHenry, Subcommittee President @RepFrenchHill, And @USRepMikeFlood sent A letter has @CFPB Directed...