Coinbase strongly opposes the Consumer Financial Protection Bureau's attempt to impose more regulation on the cryptocurrency sector

According to ChainCatcher news, Coinbase strongly opposes the Consumer Financial Protection Bureau (CFPB)'s attempt to impose more regulations on the cryptocurrency sector, as reported by DL News.

The CFPB plans to regulate digital wallets and cryptocurrency software, raising concerns among leaders in the crypto industry who believe this will impose heavier and unnecessary obligations on the sector. The cryptocurrency industry is already overseen by multiple regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase questions the CFPB's role in the cryptocurrency space and is prepared to argue that the CFPB is overstepping its authority by intervening in cryptocurrency. The CFPB's proposal may overlap with rules from other regulatory bodies like the SEC.

The cryptocurrency industry believes that the CFPB's proposal contradicts the original intent of the laws that created the Consumer Financial Protection Bureau, which require the agency to coordinate with entities such as the SEC and the Federal Trade Commission.