The Third Party Payment Processors Association (TPPPA) submitted its response to California DFPI RFC on Crypto Asset-Related Financial Products and Services urging consistency with other states' and federal law, and to avoid adding overly complicated and costly compliance requirements that burden small business.
WASHINGTON, Aug. 11, 2022 /PRNewswire-PRWeb/ -- The TPPPA, a national industry association representing payment processors and banks, responded to the State of California Department of Financial Protection and Innovation's ("DFPI") request for comment on Crypto Asset-Related Financial Products and Services. In its response, the TPPPA praised the DFPI's stated effort to harmonize federal and California approaches to these products and services, while expressing concerns about previous rule making.
"The financial products and services industry has seen a considerable amount of rule making by the California DFPI that exceeds the requirements of federal regulators," said Marsha Jones, TPPPA President. "It is also concerning that the DFPI seeks to bind both in-state and out-of-state companies that provide financial products and services to California residents to some of the most onerous regulatory and reporting requirements in the country."
The TPPPA members and their peers, which are primarily small-to-midsized businesses, struggle to reconcile and implement the myriad of conflicting state and federal financial laws, rules and regulations. The compliance burdens of conducting digital interstate commerce in an environment of conflicting state and federal requirements is unworkable. It adds significant compliance costs to companies, impacts competition with larger companies, and increases the cost of products and services to consumers.
Marsha Jones, Third Party Payment Procesors Association, 888-662-0888, [email protected]
SOURCE Third Party Payment Procesors Association