Foresight News reports, according to The Block, the Consumer Financial Protection Bureau (CFPB) has finalized a rule that grants the agency the ability to regulate "large non-bank companies," but specifically excludes cryptocurrency. The agency, responsible for overseeing consumer financial markets, completed the rule titled (Defining Larger Participants in the Market for General Purpose Digital Consumer Payment Apps) on November 21, narrowing its regulatory scope to "only transactions conducted in U.S. dollars."
The rule was initially proposed last November, aimed at empowering the CFPB to regulate "larger non-bank companies" that provide services such as digital wallets and payment apps. According to the CFPB, the rule requires non-bank financial companies that process more than 50 million transactions annually to adhere to the same regulations as large banks and credit unions.
