Discussing the CFPB's proposed rule on supervising tech companies in digital payments, including the classification of digital assets as funds. Examining the legal basis, potential legislative actions, and practical considerations for companies. Anticipating the final rule release and its impact on the digital asset industry.

Carlin McCrory, digital consumer payment expert, joins a special joint episode to discuss the CFPB's proposed larger participant rule for consumer payments providers. The group discusses the implications of the rule, including increased enforcement activity and the broad scope. The rule is expected to be finalized and become effective around fall 2024.

Ethan Ostroff, a seasoned expert on digital payment regulations, joins James Kim, who specializes in the intersection of digital assets and consumer protection, and Carlin McCrory, a professional analyzing regulatory impacts on tech giants. They unpack the CFPB's proposed rule that classifies digital assets as 'funds,' raising questions about the Bureau's authority and its implications for large tech firms. They also discuss potential challenges for companies navigating these new regulations, including the treatment of NFTs and monitoring blockchain transactions.