Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
CFPB sued for treating digital wallets like banks

CFPB sued for treating digital wallets like banks

CointimeCointime2025/01/17 05:00
By:Cointime

On January 17th, TechNet and NetChoice, two technology trade organizations, filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) in the United States, challenging its regulatory practice of treating payment applications and digital wallets as banks. The lawsuit opposes the new rules issued by the CFPB in December, which aim to expand regulation of "general digital consumer payment applications", primarily targeting large payment applications and non-bank financial service providers such as digital wallets.

Although the rule does not involve providers of encrypted wallets or decentralized wallets, its target is large non-bank companies. Chris Marchese, the Director of Litigation at NetChoice, stated that the CFPB's expansion of power undermines the rule of law and could lead to price increases and reduced choice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Solo Miner Strikes Gold with 3.15 BTC Block Reward

A solo Bitcoin miner earns over $330K by successfully mining a block alone, a rare and impressive feat in crypto mining.How Solo Mining WorksWhy This Matters

Coinomedia2025/06/05 14:32
Solo Miner Strikes Gold with 3.15 BTC Block Reward

Sui Partners with Dubai’s VARA to Boost Web3 Growth

Sui joins forces with Dubai’s VARA to support startups and foster Web3 innovation in the Middle East.Empowering Web3 Through Strategic PartnershipSupporting Startups and Local TalentNavigating Regulation in a Growing Industry

Coinomedia2025/06/05 14:32
Sui Partners with Dubai’s VARA to Boost Web3 Growth

U.S. Cracks Down on BidenCash Dark Web Marketplace

U.S. seizes 145 dark web domains and $40K in USDT in a major crackdown on BidenCash marketplace, per Arkham.Major Strike on the Dark WebUnderstanding BidenCash’s RoleCrypto and Crime: A Complex Challenge

Coinomedia2025/06/05 14:32
U.S. Cracks Down on BidenCash Dark Web Marketplace