The House Financial Services Committee has engaged in a debate on Wednesday over a proposed rule by the Consumer Financial Protection Bureau (CFPB), which could extend its supervisory authority to include digital payment applications, such as PayPal and Venmo, and potentially cryptocurrencies.
Clash of Opinions on Crypto Regulation
In a congressional hearing on digital assets and financial technology, House Republicans and Democrats had stark differences in their opinions on the CFPB’s proposed rule, highlighting the larger cryptocurrency regulation debate. Some of the Republicans also contended that the CFPB could be engaging in overreach by possibly incorporating digital currencies into the span of its regulatory jurisdiction without proper legal foundation.
However, Representative Mike Flood raised issues with the agency’s jurisdiction over the crypto industry, saying that such control needs to have a robust legal basis.
#WATCH: Chairman @RepFrenchHill at today’s hearing on
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