Summary
Lawmakers are urging the Consumer Financial Protection Bureau (CFPB) to reopen the comment period on a proposed rule that seeks to define the market for consumer payment applications. The lawmakers argue that the rule fails to understand the potential harm to consumers and lacks clarity regarding its impact on digital assets. They are asking the CFPB to extend the comment period by 60 days to address these concerns. The regulation of cryptocurrencies and digital assets is a subject of ongoing debate, with various agencies considering rules and lawmakers considering crypto-related bills.
Key Points
1. House Financial Services Committee Chair Patrick McHenry, Rep. Mike Flood, and Rep. French Hill are requesting the Consumer Financial Protection Bureau to reopen the comment period on a proposed rule regarding consumer payment applications.
2. The lawmakers are concerned that the current rule fails to fully understand the potential harm to consumers and does not justify the need for the Bureau to expand its regulatory scope into the payments industry.
3. Specifically, the lawmakers highlight the unclear impact of the rule on digital assets, stating that it creates regulatory uncertainty and could undermine the functionality of the digital asset industry with respect to transactions.