According to ChainCatcher, US regulators plan to strengthen customer protection for cryptocurrency accounts.
U.S. cryptocurrency firms should be responsible for refunding customers when their accounts are hacked, bringing digital wallets into line with bank accounts, the U.S. consumer banking regulator has recommended.
The U.S. Consumer Financial Protection Bureau said on Friday it wants to force service providers to compensate consumers who lose funds due to hacking or unauthorized transactions. The move will force digital asset companies to strengthen security and reserves to deal with operational threats.
The CFPB is looking to expand the scope of the (Electronic Fund Transfer Act) to protect customers from payment fraud. The agency wants to expand the term "fund" to include any asset that "acts or is used like money." This would include stablecoins, crypto tokens similar to digital dollars, and "any other similarly situated fungible asset that serves either as a medium of exchange or as a means of payment for goods or services," the proposal says.