• Home
  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • More
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Book
    • Bitcoin Miner
    • Bitcoin Standard
    • Bitcoin Miner Machine
    • Bitcoin Merch
    • Bitcoin Wallet
    • Bitcoin Shirt
No Result
View All Result
Card Bitcoin
Shop
Card Bitcoin
No Result
View All Result
Home Cryptocurrency

US regulator plans to toughen customer protection on crypto accounts

n70products by n70products
January 13, 2025
in Cryptocurrency
0
US regulator plans to toughen customer protection on crypto accounts
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


Keep knowledgeable with free updates

Merely signal as much as the Cryptocurrencies myFT Digest — delivered on to your inbox.

US cryptocurrency corporations ought to be chargeable for refunding clients’ accounts when they’re hacked, bringing requirements for digital wallets into line with financial institution accounts, the patron banking regulator has proposed.

The Consumer Financial Protection Bureau desires to mandate service suppliers to pay again customers who lose funds owing to hacks or unauthorised transactions, in line with a replica of the proposed rule seen by the FT.

The transfer by the CFPB would drive digital asset companies to extend their safety and reserves to counter operational threats.

Its proposal comes because the company faces an uncertain future following the inauguration of Donald Trump as US president this month. Lots of the incoming president’s closest advisers are pleasant in the direction of crypto. Two of them, Elon Musk and Vivek Ramaswamy, have each spoken out towards the company and are in command of Trump’s new effort to cut back perceived authorities paperwork.

Musk, an influential shut confidant of Trump, has known as for eliminating the CFPB, whereas Ramaswamy claimed in December that it was “one of many best businesses to close down”.

It additionally most likely marks one of many remaining items of proposed crypto rulemaking of the Biden administration. Trump has emphatically backed the crypto industry and vowed to finish the perceived animosity that corporations have confronted from regulators lately.

The CFPB is in search of to increase the scope of the Digital Fund Switch Act, which protects clients from funds fraud. The company desires to broaden the time period “funds” to incorporate any property “that act or are used like cash”.

That would come with stablecoins, crypto tokens that act like digital {dollars}, and “some other similarly-situated fungible property that both function as a medium of change or as a way of paying for items or companies”, the proposal mentioned.

Hacking has lengthy been an issue for the crypto market. Final yr there have been 303 hacking incidents globally, up from 282 the yr earlier than, during which hackers stole $2.2bn, information from blockchain analytics firm Chainalysis discovered. 

Really useful

Rostin Behnam

North Korean teams have been chargeable for probably the most cash stolen, Chainalysis discovered, having taken $1.34bn via cryptocurrency hacks in 2024, greater than double the quantity they took the yr earlier than. 

A rule change would most likely have a huge impact on any US firm holding crypto tokens for purchasers, similar to exchanges and custodians, as they would want to have sufficient reserve funds to have the ability to pay clients’ accounts within the occasion of a hack or mis-sent cost. 

CFPB mentioned it was specializing in “digital foreign money wallets that can be utilized to purchase items and companies or make person-to-person transfers”, in addition to online game accounts the place digital objects have been bought and bank card reward factors accounts that allow clients purchase factors that might be used to buy items from a number of retailers.

The company is in search of business feedback on the proposal by March 31, after which it would determine whether or not to subject a remaining rule.



Source link

Tags: accountsCryptocustomerplansProtectionRegulatortoughen
Previous Post

Bitcoin’s January Blues – Is it a Post-Halving tradition now?

Next Post

Scammer Briefly Hacks Litecoin’s X Account, Promotes Fake LTC Coins Based on Solana (SOL)

Next Post
Scammer Briefly Hacks Litecoin’s X Account, Promotes Fake LTC Coins Based on Solana (SOL)

Scammer Briefly Hacks Litecoin’s X Account, Promotes Fake LTC Coins Based on Solana (SOL)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Product categories

  • Bitcoin Book
  • Bitcoin Coin
  • Bitcoin Hat
  • Bitcoin Merch
  • Bitcoin Miner
  • Bitcoin Miner Machine
  • Bitcoin Shirt
  • Bitcoin Standard
  • Bitcoin Wallet
  • Products
  • Uncategorized

Related News

XRP Set For Rapid Rally, Target At $5 In The Short Term

March 22, 2024
Cboe BZX Exchange Pushes For Ethereum ETF Staking In New SEC Filing – Details

Cboe BZX Exchange Pushes For Ethereum ETF Staking In New SEC Filing – Details

February 14, 2025
Ethereum Price Faces Mild Correction — Support Levels in Focus

Ethereum Price Faces Mild Correction — Support Levels in Focus

May 30, 2025

Recents

If stablecoins are banks, what’s a bank?

If stablecoins are banks, what’s a bank?

June 1, 2025
Why MSTR’s 133K Bitcoin bet in 2025 is far from over!

Why MSTR’s 133K Bitcoin bet in 2025 is far from over!

June 1, 2025
Man Drains $3,490,000 From US Government, Several Companies in Bank Fraud Scheme: DOJ

Man Drains $3,490,000 From US Government, Several Companies in Bank Fraud Scheme: DOJ

June 1, 2025

CATEGORIES

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • XRP

BROWSE BY TAG

Altcoin ALTCOINS Analyst Binance Bitcoin Bitcoins Blog Breakout BTC Bullish Bulls Coinbase Crash Crypto DOGE Dogecoin ETF ETH Ethereum Foundation Heres high hits Key Level Major Market Memecoin Move Outlook Predicts Price Rally Report SEC Solana Support Surge Target Top Trader Trump Updates Whales XRP

© 2024 Card Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • More
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Book
    • Bitcoin Miner
    • Bitcoin Standard
    • Bitcoin Miner Machine
    • Bitcoin Merch
    • Bitcoin Wallet
    • Bitcoin Shirt

© 2024 Card Bitcoin | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version