Barney Frank: “We have suffered from excessive rigidity on the part of the regulators.”

Barney Frank said that he believed that it was a war on crypto that motivated this--not a systemic risk of crypto.

I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.

It was because they were banking crypto, not because they were insolvent.

For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…