The US Consumer Financial Protection Bureau proposes to extend the Electronic Funds Transfer Act to

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According to a report by the Financial Times, the US Consumer Financial Protection Bureau (CFPB) has proposed expanding the definition of the Electronic Funds Transfer Act to include any "asset that has or is used as currency," including stablecoins and other similar alternative assets.

This measure will require cryptocurrency service providers to compensate customers for lost funds in their accounts in the event of hacker attacks or unauthorized transactions, aligning the standards of digital wallets with bank accounts. The draft proposal shows that CFPB hopes to enforce digital asset companies to strengthen their security and reserves through this regulation to cope with operational risks.

If this proposal takes effect, it will have a significant impact on any US company (such as exchanges and custodians) that holds cryptocurrencies for clients. These companies need to ensure sufficient reserve funds to provide compensation for customer accounts in the event of hacker attacks or payment errors.

CFPB The proposal mainly targets virtual currency wallets that can be used for purchasing goods and services or conducting peer-to-peer transfers, virtual items in online gaming accounts, and credit card reward points accounts that can be used for shopping at multiple merchants.

CFPB We plan to solicit industry opinions on the proposal before March 31st, and then decide whether to release the final rules. If this rule is passed, it will force cryptocurrency companies to raise their security standards and provide users with a higher level of protection, but it may also increase the operational burden on these enterprises.

It is worth mentioning that at the time of the introduction of this proposal, CFPB We are facing an uncertain future because both Musk and Vivek Ramaswamy, who have close relations with US President Donald Trump, have criticized CFPB. Musk has publicly called for the abolishment of the CFPB, while Ramaswami claimed in December last year that the agency was "one of the easiest to shut down".