The U.S. Consumer Financial Protection Bureau (CFPB) has finalized its “large player” rule for digital payment platforms, excluding crypto asset transfers, Cointelegraph reported.
Under the final rule, digital wallets such as Apple Pay and centralized “peer-to-peer” payment services remain subject to the rule, which covers only transactions denominated in U.S. dollars.
Research-based investment firm Paradigm and pro-crypto nonprofits successfully opposed the CFPB’s initial rule, which would have included digital asset trading.
The CFPB has been looking at digital payment services such as Apple Pay and Google Pay since September 2023 due to concerns that big tech companies could squeeze out smaller companies and concerns about the monetization of consumer data.
Despite opposition from the crypto industry and lawmakers, the CFPB in April 2024 focused on blockchain video games because in-game asset tokens can be traded on electronic exchanges.
