CoinVoice has learned that U.S. regulators plan to strengthen customer protections for cryptocurrency accounts.
U.S. cryptocurrency firms should be responsible for refunding customer accounts when they 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 seeking to expand the scope of the Electronic Fund Transfer Act to protect customers from payment fraud. The agency wants to broaden the term 'funds' to include any assets that 'act or are used like money.' The proposal states that this would include stablecoins, cryptocurrency tokens similar to a digital dollar, and 'any other fungible assets in similar positions that are either used as a medium of exchange or as a means of paying for goods or services.' [Original link]