House Panel Chairman Tells CFPB to “Go Back to the Drawing Board” Over Stringent Crypto Oversight Proposal

cryptonews.com:

House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion Chairman French Hill (R-AR) lambasted the Consumer Financial Protection Bureau (CFPB) Wednesday morning for their recent federal oversight proposal of digital asset payment systems, telling the independent government agency to “go back to the drawing board.”

“There is no doubt that this proposal will decrease incentives to innovate in the payments space and leave consumers encumbered with fewer firms from which to choose a payment method–that decreases competition,” Hill said.

Republican subcommittee members predominantly argued that the Consumer Financial Protection Bureau’s new rule was overreach at best and possible surveillance at worst.

#WATCH: Chairman @RepFrenchHill at today's hearing on @CFPB's larger participants in digital payments rule:

"The CFPB needs to go back to the drawing board, work to protect consumers, and not hinder innovation."

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