
The U.S. Consumer Financial Protection Bureau (CFPB) has proposed new rules aimed at enhancing consumer protections for virtual currencies used in video games like Roblox, as well as for cryptocurrency accounts. The proposal seeks to apply the Electronic Fund Transfer Act (EFTA) to these digital currencies, providing consumers with protections similar to those for traditional bank accounts. This includes rights to dispute unauthorized transactions and receive refunds for funds lost to hacks or scams, specifically mentioning protection for Robux. The CFPB's initiative follows reports of issues such as unauthorized transactions, account hacks, and difficulties in obtaining refunds from gaming and cryptocurrency companies. The agency is now seeking public feedback on these proposed protections, with a comment period open until March 31, 2025.




The CFPB has a new rulemaking out dealing with crypto financial 'accounts' The problem is they leave the door open to treat an account with an exchange the same as your personal wallet. One is a service and one is software. Your self custody wallet isn't an account with anyone. https://t.co/8AFaYOohC9
The federal consumer watchdog agency on Friday proposed a rule to give virtual video game currencies protections similar to those of real-world bank accounts. https://t.co/8MLwAp66OH
Major crypto regulatory shift today continuing: This brief was issued by Bidens Rohit Chopra, Director, Consumer Financial Protection Bureau @rohitchopra appears to lay a foundation to accept virtual currencies as a new form of payment and that no requirements would need to… https://t.co/N3PUwTR42B https://t.co/SKac599upI