The agency highlighted consumer and industry comments in a 259-page report detailing the final draft of the “Larger Participants” rule.
The Consumer Financial Protection Bureau (CFPB), a United States financial regulator, has finalized its rules governing the “Larger Participant” criteria for digital payment platforms and excluded the transfer of crypto assets from the rule.
According to the final rule, digital wallets such as Apple Pay and centralized ‘peer-to-peer’ payment services will still be subject to the rule, which only covers transactions denominated in US dollars. The government agency wrote:
Industry participants such as research-based investment firm Paradigm and pro-crypto nonprofit groups successfully pushed back against the CFPB’s initial iteration of the rule, which included digital asset transactions.
