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Coinbase slams Consumer Financial Protection Bureau for trying to seize jurisdiction over cryptocurrencies

Coinbase criticizes the Consumer Financial Protection Bureau's attempt to take jurisdiction over cryptocurrencies, as the CFPB plans to regulate digital wallets and encryption software.The cryptocurrency industry is already supervised by multiple regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Coinbase questions the CFPB's role in the cryptocurrency field and is prepared to argue that the CFPB exceeds its authority by intervening in cryptocurrencies.Coinbase's Chief Legal Officer, Paul Grewal, wrote to the agency: "The CFPB has never formally sought or been granted the power it now claims over crypto assets in its proposed rules."

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