Paul Grewal, Chief Legal Officer of Coinbase, sent a letter to the US Consumer Financial Protection Bureau (CFPB) on Monday commenting on the CFPB's proposal to define and regulate general digital consumer payment applications. Coinbase stated that its main concern is that the proposed CFPB rules would include cryptocurrencies within its jurisdiction without conducting extensive research or understanding of cryptocurrency transactions, and without proving the authenticity of cryptocurrencies. The fundamental issue prohibits the agency from exercising jurisdiction over the digital asset industry without clear authorization from the US Congress. Federal agencies, including the CFPB, should not overstep their authority before Congress and should amend the rules to exclude cryptocurrencies and allow Congress to fulfill its duty to establish a clear regulatory framework to protect consumers.