Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SLOT
  • CASINO
  • SPORTSBET
  • SUBMIT
Crypto Flexs
Home»BLOCKCHAIN NEWS»Lawmakers debate CFPB oversight of payment apps and cryptocurrencies.
BLOCKCHAIN NEWS

Lawmakers debate CFPB oversight of payment apps and cryptocurrencies.

By Crypto FlexsMarch 14, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Lawmakers debate CFPB oversight of payment apps and cryptocurrencies.
Share
Facebook Twitter LinkedIn Pinterest Email

Lawmakers discussed a proposal for the Consumer Financial Protection Bureau that would potentially provide oversight of payment applications involving cryptocurrencies.

The proposal, “Defining larger players in the general-purpose digital consumer payment applications market,” aims to regulate non-bank financial companies that process more than 5 million transactions annually, similar to regulatory requirements for banks and credit unions.

During the hearing, some members of the House Financial Services Subcommittee expressed concerns about the CFPB overstepping its bounds. Rep. Mike Flood, R-Neb., questioned the legitimacy of the CFPB claiming jurisdiction over cryptocurrencies with minimal legal basis.

Conversely, Democratic lawmakers such as Rep. Stephen Lynch, D-Mass., have argued that CFPB oversight is necessary because the volatility of cryptocurrencies causes significant investment losses.

“There is a tremendous amount of risk and volatility in it, but some people say there is no risk-based reason for the CFPB to get into this business,” Lynch said.

The rule explicitly mentions cryptocurrencies several times and has been criticized for expanding the CFPB’s scope into areas such as cryptocurrency trading and self-hosted wallets without clear jurisdiction.

Witnesses and lawmakers, including House Financial Services Committee Chairman Patrick McHenry (R-N.C.) and Rep. French Hill (R-Ark.), expressed concerns about the rule’s ambiguous impact on digital assets.

Amid discussions about regulatory clarity for cryptocurrency companies, Ohio Rep. Warren Davidson highlighted the challenges of seeking clear guidance from regulators.

Law professor Christopher Odinet advocated for the inclusion of cryptocurrencies under CFPB oversight.

“Take the high-profile collapse of cryptocurrency exchange giant FTX as an example,” Odinet said. “It revealed how little was previously known about the true nature of these transactions and the handling of consumer assets.”

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Investors surpass 640,000 BTC when looking at Bitcoin Holdings with $ 22 million purchases.

September 30, 2025

Hyperliquid launches USDH Stablecoin issued by Native Markets

September 25, 2025

The new gold protocol of the BNB chain is due to the $ 2 million launch day nucleus.

September 20, 2025
Add A Comment

Comments are closed.

Recent Posts

BNB price is less than $1,300 on Meme Season Buzz

October 8, 2025

Cryptocurrency trader, OTC fraud claims $ 1.4 million losses, guessing due to KUCOIN deposits

October 7, 2025

Meanwhile, Bitcoin Life Insurer, Secures $82M To Meet Soaring Demand For Inflation-Proof Savings

October 7, 2025

Pepeto Presale Exceeds $6.93 Million; Staking And Exchange Demo Released

October 7, 2025

Eightco Holdings Inc. ($ORBS) Digital Asset Treasury Launches “Chairman’s Message” Video Series

October 7, 2025

Zeta Network Group Enters Strategic Partnership With SOLV Foundation To Advance Bitcoin-Centric Finance

October 7, 2025

Saylor tells MRBAST to buy Bitcoin even after pause the BTC purchase.

October 7, 2025

Bitcoin Steadies at Rally -Is another powerful brake out just in the future?

October 6, 2025

BitMine Immersion (BMNR) Announces ETH Holdings Exceeding 2.83 Million Tokens And Total Crypto And Cash Holdings Of $13.4 Billion

October 6, 2025

BC.GAME News Backs Deccan Gladiators As Title Sponsor In 2025 Abu Dhabi T10 League

October 6, 2025

Unity modifies mobile games and password wallets that threaten important vulnerability.

October 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

BNB price is less than $1,300 on Meme Season Buzz

October 8, 2025

Cryptocurrency trader, OTC fraud claims $ 1.4 million losses, guessing due to KUCOIN deposits

October 7, 2025

Meanwhile, Bitcoin Life Insurer, Secures $82M To Meet Soaring Demand For Inflation-Proof Savings

October 7, 2025
Most Popular

Currently the most popular cryptocurrencies on the Ethereum chain – AIGENTX, CHAINEX, AI PIN

February 23, 2024

Mantle Network Launches Mantle Learn via HackQuest to Onboard Web2 Developers to Web3

December 13, 2023

Missed JasmyCoin (JASMY)? These AI tokens could be the next catch.

December 6, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.