Loading...
On November 22nd, according to The Block, the Consumer Financial Protection Bureau (CFPB) in the United States has finally determined a rule that gives the agency the ability to regulate "large non bank companies," but specifically excludes cryptocurrencies. The agency is responsible for regulating the consumer finance market and completed rules on Thursday titled 'Defining Major Participants in the General Purpose Digital Consumer Payment Application Market'. The rule was initially proposed in November last year, aiming to empower the CFPB to regulate "larger non bank companies" that own services such as digital wallets and payment applications. According to CFPB, the rules require non bank financial companies that handle over 50 million transactions annually to follow the same rules as large banks and credit unions. It is worth noting that the CFPB announced on Thursday that it will narrow its regulatory scope to "only transactions conducted in US dollars".