“Practically speaking, we hope the incoming administration will freeze and ultimately withdraw this rulemaking,” Van Valkenburgh stated on X (formerly Twitter).
Broader Implications
CFPB Director Rohit Chopra, who has prioritized regulating tech-issued payment products, emphasized that the agency’s efforts aim to create a “consistent framework” for digital payments. The proposal aligns with a recent rule granting the CFPB authority to supervise large nonbank companies offering digital payment products.
The agency’s decisions will likely shape consumer protections in rapidly evolving digital payment ecosystems, particularly as cryptocurrencies, gaming economies, and tech-driven payment solutions continue to grow.
