🇺🇸 The CFPB is considering applying the Electronic Funds Transfer Act (EFTA) to cryptocurrencies to protect consumers from fraudulent transactions. 💡

- CFPB provides guidance on how current electronic funds transfer laws apply to cryptocurrencies.

- EFTA requires financial institutions to inform consumers of their liability for unauthorized transactions.

- The CFPB will also issue directives to "certain major technology companies" to gather information about their business practices related to the use of personal data and issuance of private currencies.

🗣️ Share your thoughts on this in the comments!