CFPB proposed a new law requiring crypto service providers to reimburse funds to users in case of theft or fraud, extending protection to cryptocurrency accounts 🔒

CFPB proposed a new law that will require crypto service providers to reimburse users in case of theft or fraud. The bill extends existing protection standards to cryptocurrency accounts, equating them with traditional bank accounts. Critics are concerned that the broad wording and the lack of consultations with the crypto industry will complicate the implementation of the rules. The proposal is aimed at combating the growing crypto fraud, with $3 billion lost in 2024.