PANews reported on November 22 that according to The Block, the U.S. Consumer Financial Protection Bureau (CFPB) finalized a rule on Thursday that gives it the power to regulate "large non-bank companies", but explicitly excludes crypto assets. The CFPB said the rule only applies to transactions denominated in U.S. dollars.
The new rule, titled "Defining Larger Participants in the General-Purpose Digital Consumer Payment Application Market," applies to non-bank financial companies that process more than 50 million transactions per year, requiring them to follow the same rules as large banks and credit unions. The CFPB emphasized that the definition of "annual covered consumer payment transaction volume" is limited to transactions denominated in U.S. dollars and does not include digital assets such as Bitcoin and stablecoins.
The crypto industry and some Republican lawmakers have previously expressed concerns about the impact of the rules on crypto assets. The DeFi Education Fund welcomed this and said that the rules for digital assets should be led by Congress rather than regulators. Groups such as the Crypto Council for Innovation and Coin Center also raised objections to the first draft.
