U.S. Consumer Financial Protection Bureau (CFPB) wants to take charge of regulating large non-bank payment providers

The U.S. Consumer Financial Protection Bureau (CFPB) has released a proposal stating that it wants to be responsible for regulating large non-bank payment providers to ensure that they comply with the same laws as more traditional financial institutions, which also includes some sub-sectors of cryptocurrency trading. The proposal, if passed, would let the CFPB take care of parties participating in "universal digital consumer payment applications," including fund transfer or wallet providers if those funds are used by individuals for certain non-commercial purposes. Some digital asset transactions would Be included in the regulator’s definition of “funds”. (CoinDesk)