U.S. Consumer Financial Protection Bureau finalizes rules for large non-bank digital payments, explicitly excluding crypto assets.

According to ChainCatcher news reported by The Block, the U.S. Consumer Financial Protection Bureau (CFPB) finalized a rule this Thursday, granting it the authority to regulate 'large non-bank companies,' but explicitly excluding crypto assets. The CFPB stated that this rule only applies to transactions denominated in U.S. dollars.

The new rule is named (Defining larger participants in the consumer payment application market), applicable to non-bank financial companies that process over 50 million transactions annually, requiring them to comply with the same rules as large banks and credit unions. The CFPB emphasizes that the definition of 'annual coverage of consumer payment transaction volume' is limited to transactions denominated in U.S. dollars and excludes digital assets such as Bitcoin and stablecoins.

The crypto industry and some Republican lawmakers previously expressed concerns about the potential impact of the rule on crypto assets. The DeFi Education Fund welcomed this, stating that the regulation of digital assets should be led by Congress, not regulatory agencies.