U.S. agency proposes rule requiring refunds after crypto hacks
The Consumer Financial Protection Bureau has proposed a rule that would require U.S. cryptocurrency companies to refund customers who lose funds due to hacks or unauthorized transactions.
he proposal aims to extend the consumer protections already in place for traditional bank accounts to digital wallets used for cryptocurrencies, according to Financial Times reporting.
The CFPB’s rule seeks to expand the scope of the Electronic Fund Transfer Act to cover digital assets such as stablecoins — crypto tokens designed to maintain a stable value — and other fungible tokens used for payments.
If adopted, the expansion would redefine “funds” to include assets that act as money or are used to pay for goods…
