A Hail Mary filing by an appointee of Joe Biden’s outgoing presidential administration seeks to hold crypto wallet developers liable for any fraud or erroneous transactions impacting users—but the move is almost certain to be quashed once Donald Trump takes office later this month.
The Consumer Financial Protection Bureau today announced a new proposed interpretive rule that would grant it the authority to regulate digital asset wallets as financial institutions offering electronic funds transfers. Doing so would allow the Bureau to hold wallet providers like MetaMask and Phantom responsible for fraudulent or erroneous, “unauthorized” transactions.
The agency, which was created to protect consumers in the wake of the 2008…
Jan 10 2025
