Sponsors
11 Republican
Morgan GriffithVA-9
This House Resolution sets the terms for considering multiple legislative items, including S.J. Res. 28. S.J. Res. 28 aims to disapprove a rule from the Bureau of Consumer Financial Protection (CFPB) that would define "Larger Participants of a Market for General-Use Digital Consumer Payment Applications." This CFPB rule could potentially extend regulatory oversight to various crypto-based payment services and applications, depending on its specific scope.
The most significant aspect of this bill for the crypto industry is its facilitation of a vote on S.J. Res. 28. S.J. Res. 28 seeks to disapprove a CFPB rule that would broaden the definition of "Larger Participants" in digital consumer payment applications, thereby extending CFPB oversight to potentially include many crypto payment services, digital wallets, and other related applications. If the CFPB rule were to take effect, it would likely impose additional regulatory burdens, compliance costs, and potential restrictions on companies operating in the digital payments space, including those dealing with crypto. By providing a pathway to disapprove this rule, H. RES. 282 aims to prevent an expansion of regulatory authority over crypto-related digital payment applications. This action is considered pro-crypto as it reduces the potential for increased regulatory burden and removes a barrier to innovation by limiting the scope of a financial regulator that might apply traditional rules to novel digital asset services.
Every member who has sponsored, cosponsored or voted on this bill. Pick a vote to see how each member voted on it, or narrow by party, name or state.
1 Republican
