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How Companies Like PayPal, Jack Dorsey's Block Could Be Impacted by CFPB Plan

The U.S. Consumer Financial Protection Bureau (CFPB) wants to expand its oversight to cover nonbank payment providers and some subsectors of crypto transactions. While the proposal doesn't explicitly name these companies, footnotes reference Venmo (owned by PayPal) and Cash App (owned by Block) as examples of person-to-person payment apps that a majority of Americans have used. CoinDesk managing editor of global policy and regulation Nikhilesh De weighs in.

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