In a detailed critique, the Blockchain Association counters the CFPB’s latest proposal to oversee digital consumer payment applications, citing legal and jurisdictional overreaches in the bureau’s approach to cryptocurrencies and digital assets. CFPB Faces Criticism from Blockchain Association Over New Proposal In November 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule aimed…
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The head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund transfer laws. The top United States agency for consumer financial protection is considering using the Electronic Fund Transfer Act (EFTA) to protect consumers from fraudulent crypto transfers. Speaking at an Oct. 6 payments…
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Earlier this week, new draft legislation on stablecoins came to light aimed at “endogenously collateralized stablecoins.” There is a small chance the U.S. House of Representatives could pass the bill to regulate stablecoins by year-end, though it’s more likely it will pass in the first quarter of 2023, says U.S. Congressman Warren Davidson. According to…
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