US consumer watchdog considers including cryptocurrency in e-banking regulations
The director of the U.S. Consumer Financial Protection Bureau is contemplating the issuance of guidelines regarding the applicability of crypto assets to the Electronic Fund Transfer Act (EFTA). The principal U.S. agency responsible for safeguarding consumer financial interests is exploring the utilization of the EFTA as a safeguard against fraudulent cryptocurrency transactions. Speaking at a payments conference hosted by the Brookings Institution think tank on October 6th, Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), disclosed that his agency is actively exploring the potential extension of the EFTA’s coverage to encompass “private digital currencies and other virtual tokens.” Chopra emphasized that the CFPB’s aim is to mitigate the adverse effects of errors, cyberattacks, and unauthorized transfers within the crypto sphere. To achieve this, the bureau is considering providing comprehensive guidance to industry participants, a...