US Consumer Protection Agency Might Introduce E-banking Laws t | Crypto Land
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets
The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA) to protect investors and users in the crypto ecosystem.
According to him, to create a safe space for users, the CFPB mulls rolling out traditional finance measures for virtual assets.
“To reduce the harms of errors, hacks, and unauthorized transfers, the CFPB is exploring providing additional guidance to market participants to answer their questions regarding the applicability of the Electronic Fund Transfer Act with respect to private digital dollars and other virtual currencies.”
This comes on the heels of recent spikes in activities of bad actors in the digital asset market.
If the EFTA gets applied to crypto, virtual asset firms will be required to make certain changes to their operations regarding disclosures and other issues.
