๐Crypto fans, buckle up! The US Consumer Financial Protection Bureau (CFPB) is considering applying the Electronic Fund Transfer Act (EFTA) to protect you from fraudulent crypto transfers. Director Rohit Chopra says they're exploring guidance on how EFTA applies to "private digital dollars and other virtual currencies."
- EFTA, passed in 1978, limits consumer losses from unauthorized electronic transfers ๐ธ
- CFPB's move comes amid a 150% YoY increase in crypto-platform hacks ๐ฑ
- The agency will also issue orders to "certain large technology firms" to gain info on their business practices ๐ต๏ธโโ๏ธ
Stay tuned for more updates on this crypto-protection mission!
- EFTA, passed in 1978, limits consumer losses from unauthorized electronic transfers ๐ธ
- CFPB's move comes amid a 150% YoY increase in crypto-platform hacks ๐ฑ
- The agency will also issue orders to "certain large technology firms" to gain info on their business practices ๐ต๏ธโโ๏ธ
Stay tuned for more updates on this crypto-protection mission!