The Consumer Financial Protection Bureau (CFPB) has finalized a landmark rule expanding its oversight to fintech payment apps but notably excluding self-hosted crypto wallets, according to a Nov. 21 announcement.
Blockchain advocates have hailed this decision as a win for DeFi. The finalized rule targets large nonbank payment platforms processing over 50 million annual US dollar transactions, a move designed to protect consumer data, reduce fraud, and prevent illegal account closures.
However, the CFPB clarified it would not regulate self-hosted crypto wallets or stablecoins, narrowing its scope significantly from initial proposals.
He commented:
“The CFPB listened, and I give them credit for that.”
Consensys senior counsel Bill Hughes praised the decision, noting that blockchain industry representatives, including Consensys, actively engaged with the CFPB to ensure the exclusion of self-hosted wallets like MetaMask.
Avoiding a collision with web3
Had the rule encompassed self-hos
We współpracy z: https://cryptoslate.com/cfpb-spares-self-hosted-crypto-wallets-from-new-fintech-regulations/
