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On November 21, 2024, the US Consumer Financial Protection Bureau (CFPB) finalized the 'Larger Participant Rule' to supervise big tech companies offering digital wallets and payment apps, such as Apple Pay, Google Pay, Cash App, PayPal, Venmo, Zelle, Amazon, and Square. This move brings these companies, which process over 13 billion financial transactions annually, under regulatory oversight similar to banks. CFPB Director Rohit Chopra stated, 'Today, the CFPB finalized a rule to strengthen oversight over Big Tech and other major payment apps.' The rule aims to ensure consumer protection and financial stability in the rapidly growing digital payments sector. Notably, the CFPB decided to exclude crypto wallets from this oversight, a decision seen as a significant development for the cryptocurrency industry.
1/ Today, a U.S. District Court struck down the SEC’s Dealer Rule, following a lawsuit filed by BA and @CryptoFreedomTX. Statement from Blockchain Association CEO @KMSmithDC: https://t.co/w2j8GmQf4C https://t.co/2jGLuzgb2n
As this case didn’t have as much attention paid to it by the broader crypto community as enforcement actions, it may have flown under the radar of many. But I can’t reiterate how big of a win this is. If this rule was enacted it would have been a critical blow to DeFi. Kudos. https://t.co/aVU4gRscpl
The APA is undefeated against Gary Gensler's SEC. It's funny that the judge didn't even need to get to the arbitrary and capricious arguments as it relates to crypto. Just body slammed the rule out of the gate, for crypto and tradfi. This is important for DeFi though, given it… https://t.co/JuaXZWO60K