President Trump signed a rule into law under the Congressional Review Act, repealing a Biden-era Consumer Financial Protection Bureau (CFPB) rule that expanded federal oversight of digital payment platforms. The rule, known as the “Large Participant Rule,” required nonbank financial technology providers, such as digital wallets and peer-to-peer payment apps, to submit to direct CFPB supervision. Supporters, including U.S. Senator Pete Ricketts (R-Neb.) and the Financial Technology Association, argued that the repeal limits regulatory overreach, protects innovation in digital payments, and lowers consumer costs. Opponents, such as the Center for Digital Democracy, however, cautioned that the repeal could limit oversight of financial services and reduce consumer protections
Source: Regulatory Review
