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US Regulator Proposes Making Crypto Wallets Liable for Hack-Related Losses
US Regulator Proposes Making Crypto Wallets Liable for Hack-Related Losses
The US regulator has proposed a rule that would make cryptocurrency wallets and accounts created for personal, family, or household use subject to the same protections as regular bank accounts under the Electronic Fund Transfer Act (EFTA). This rule aims to provide consumers with the ability to dispute errors and limit their liability for unauthorized electronic fund transfers (EFTs). The regulator believes these protections should extend to virtual currency wallets used for holding and transferring stablecoins or fungible tokens, thereby classifying such wallets as consumer accounts under CFPB regulations.
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