Consumer Financial Protection Bureau director Rohit Chopra cited the need to reduce hacks and unauthorized transfers relating to cryptocurrencies and plans to issue guidance on how the Electronic Fund Transfer Act applies to crypto.
The head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund transfer laws.The top United States agency for consumer financial protection is considering applying the Electronic Fund Transfer Act to crypto, in an attempt to protect consumers from fraudulent crypto transfers.
Passed in 1978, EFTA is a federal law that protects consumers when they transfer funds electronically, whether by debit cards, ATMs or bank accounts and aims to limit consumer losses from unauthorized transfers.
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