CoinVoice has learned from The Block that the Consumer Financial Protection Bureau (CFPB) finalized a rule on Thursday that grants it the power to regulate 'large non-bank companies,' but explicitly excludes crypto assets. The CFPB stated that this rule only applies to transactions priced in U.S. dollars.
The new rule is named (Defining Larger Participants in the General Digital Consumer Payment Application Market) and applies to non-bank financial companies that process more than 50 million transactions annually, requiring them to follow the same rules as large banks and credit unions. The CFPB emphasized that the definition of 'annual coverage of consumer payment transaction volume' is limited to transactions priced in U.S. dollars and does not include digital assets like Bitcoin and stablecoins.
The cryptocurrency industry and some Republican lawmakers have previously expressed concerns about how the rules may affect crypto assets. The DeFi Education Fund welcomed this and stated that the rules for digital assets should be led by Congress, not regulatory agencies. Groups like the Crypto Council for Innovation and Coin Center also opposed the draft.