Representatives Patrick McHenry, Mike Flood, and French Hill called for an additional 60 days for a CFPB proposal to consider the impact on digital assets.
Leaders of the United States House Financial Services Committee and Subcommittee on Digital Assets, Financial Technology and Inclusion called for a longer comment period on a proposed rule from the Consumer Financial Protection Bureau (CFPB), claiming its impact on the digital asset space would be “unclear” if implemented.
In a Jan. 30 letter to CFPB director Rohit Chopra, Representatives Patrick McHenry, Mike Flood, and French Hill questioned how a November 2023 proposal “would apply to specific entities within the digital asset ecosystem.” The CFPB rule suggested extending its supervisory authority over depository institutions, including digital assets in its definition of “funds,” and allowing it to target wallets.
The three lawmakers said a lack of clarity for affected crypto exchanges could dissuade firms from allowing peer-to-peer transactions through wallets hosted on the platforms. They requested the CFPB open the proposal to public comments for an additional 60 days, accepting and considering feedback on crypto.
