The Consumer Financial Protection Bureau (CFPB) in the United States has proposed a rule that would allow it to regulate large non-bank digital wallet and application providers. This rule is part of a larger initiative by the agency to expand its regulatory reach to include consumer reporting, debt collection, student loan servicing, international money transfers, and auto financing. The proposed rule specifically targets crypto wallets, stating that the definition of "funds" should be expanded to include crypto assets consistent with other federal regulations. This rule primarily applies to the retail use of cryptocurrencies, as purchasing or selling cryptocurrencies with fiat currency and exchanging one cryptocurrency for another will be excluded.