🚨 U.S. Consumer Financial Protection Bureau (CFPB) proposes to oversee nonbank payment providers, including some crypto transactions!

- CFPB aims to ensure compliance with laws that traditional financial institutions follow

- Proposal targets "general-use digital consumer payment applications," including fund transfer or wallet providers for non-commercial purposes

- Some digital asset transactions would be included in the regulator's definition of "funds"

- Rule mainly focuses on large tech companies providing financial services (e.g., Venmo, Cash App)

- Bitcoin and other cryptocurrencies qualify as digital assets, but buying/selling or converting them not covered

- CFPB seeks public feedback on the proposal

What do you think about this move? Share your thoughts in the comments! 💬