The US Consumer Financial Protection Bureau (CFPB) has proposed bringing digital wallets under the same protection standards as bank accounts. The proposal would require providers to cover losses from hacks or unauthorized transactions, the Financial Times reported. The move would extend the CFPB's oversight of the Electronic Fund Transfer Act (ETF Act) to cover stablecoins and other digital assets. Firms and exchanges holding crypto assets in the US could face pressure to keep sufficient reserves to cover potential losses from hacks. The CFPB is currently seeking comment and will decide whether to finalize the rules by March 31. The proposal is a significant step towards regulating the rapidly growing digital wallet market. It could also have implications for the cryptocurrency industry, as it would subject stablecoins and other digital assets to the same consumer protection laws as traditional financial products.