Follow us on:

cc_icon

Post: Extended Comment Period Requested for CFPB Proposal Impacting Digital Assets

Extended Comment Period Requested for CFPB Proposal Impacting Digital Assets

Key Points:

  • Representatives from the United States House Financial Services Committee and Subcommittee on Digital Assets, Financial Technology and Inclusion have called for an extended comment period on a proposed rule from the Consumer Financial Protection Bureau (CFPB).
  • The representatives are concerned that the proposed rule, which includes expanding the CFPB’s supervisory authority over digital assets and wallets, lacks clarity on how it would impact specific entities within the digital asset ecosystem.
  • They argue that the lack of clarity could discourage crypto exchanges from facilitating peer-to-peer transactions through wallets hosted on their platforms.
  • The representatives have requested an additional 60 days for public comments on the proposal, specifically addressing the impact on the digital asset space.

Extended Comment Period Requested for CFPB Proposal Impacting Digital Assets

Representatives Patrick McHenry, Mike Flood, and French Hill have called for an extended comment period for a proposed rule from the Consumer Financial Protection Bureau (CFPB) due to concerns about the rule’s impact on the digital asset space. In a letter to CFPB director Rohit Chopra, the representatives questioned how the rule would apply to specific entities within the digital asset ecosystem. They expressed worries that the lack of clarity could deter crypto exchanges from facilitating peer-to-peer transactions through wallets hosted on their platforms. The representatives have requested an additional 60-day comment period for the proposal, specifically focusing on feedback related to the impact on digital assets.

Hot Take:

The call from the representatives for an extended comment period on the CFPB proposal is a significant move to ensure that the digital asset space receives adequate consideration and clarity in regulatory decisions. With the potential expansion of the CFPB’s supervisory authority over digital assets and wallets, it is crucial to thoroughly examine the impact on the industry. Allowing an extended comment period will provide an opportunity for stakeholders to provide valuable insights and perspectives, which can contribute to a more informed and effective regulatory framework for the digital asset ecosystem.

Recent Posts
Social Media
Twitter
Email
Telegram
Facebook
Offers
CheekyCrypto Membership Platform
Hardware Wallets
Bitget
Swissborg
Plutus Card