TechFlow reported, according to DL News, that Coinbase has criticized the Consumer Financial Protection Bureau (CFPB) for attempting to seize jurisdiction over cryptocurrencies, as the CFPB plans to regulate digital wallets and crypto software.
The cryptocurrency industry is already overseen by multiple regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase has questioned the CFPB's role in the cryptocurrency space and is preparing to argue that the CFPB has exceeded its authority by intervening in crypto matters.
In a letter to the agency, Coinbase Chief Legal Officer Paul Grewal stated: "The CFPB has never formally sought or been granted, and currently lacks, the authority over digital assets that it claims in the proposed rule."
