US cryptocurrency companies should be responsible for refunding customers’ accounts when they are hacked, bringing standards for digital wallets into line with bank accounts, the consumer banking regulator has proposed.
The Consumer Financial Protection Bureau wants to mandate service providers to pay back consumers who lose funds owing to hacks or unauthorised transactions, according to a copy of the proposed rule seen by the FT.
The move by the CFPB would force digital asset businesses to increase their security and reserves to counter operational threats.
Its proposal comes as the agency faces an uncertain future…
