US lawmakers say "Consumer Financial Protection Bureau proposed regulation could undermine cryptocurrency industry... Reopen for Comment"
US House Financial Services Chairman Patrick McHenry, House Digital Assets Subcommittee Chairman French Hill, and other lawmakers said that the US Consumer Financial Protection Bureau (CFPB) should reopen for comments on its proposed regulation of digital app providers. Last November, the CFPB proposed regulations related to non-bank digital wallet and app providers. "The proposed rule states that it would not cover fiat-to-crypto and crypto-to-crypto transactions processed on exchanges. However, it is unclear whether the proposal excludes cryptocurrency exchanges altogether or only exempts certain limited services." "This regulatory uncertainty has the potential to undermine the functioning of the cryptocurrency industry," they explained. Citing the lack of regulatory clarity, they are asking the CFPB to reopen the comment period and extend it by 60 days.
