US regulator proposes rule to hold crypto wallets accountable in hacks
The Consumer Financial Protection Bureau (CFPB) proposed a new interpretive rule on Jan. 10 that could extend the Electronic Fund Transfer Act (EFTA) protections to crypto wallets, potentially holding them accountable in case of hacks.
The proposed rule, currently open for commentary, clarifies how existing EFTA regulations apply to new payment systems, including stablecoins and other digital payment mechanisms. It aims to provide consumers the same protections they enjoy with traditional banking and electronic fund transfers.
As a result, users would have the right to dispute unauthorized transfers and limit liability for errors. Wallet providers would then be responsible for losses resulting from fraud, hacking, or unauthorized…
