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In a new proposal issued Friday, the Consumer Financial Protection Bureau is seeking to regulate virtual currencies used in Roblox and other video games like US dollars. https://t.co/XiqsUwppGr
The U.S. Consumer Financial Protection Bureau is looking for public input on proposed rules aimed at giving consumers more protections against fraud in crypto transactions. Comments on the CFPB's proposed rules are due on March 31, 2025. https://t.co/KBSZloM7W3 https://t.co/KoJzMP2VOl
Spot on analysis from @valkenburgh here. CFPB likely deliberately vague on whether they are proposing to stretch EFTA to reach self-custody wallets so they don’t have to address the statutory limits that don’t allow that, which Peter details below. https://t.co/ODF24pJq2j
On January 10, 2025, the U.S. Consumer Financial Protection Bureau (CFPB) proposed a rule aimed at providing protections for virtual video game currencies, similar to those afforded to traditional bank accounts. This initiative seeks to enhance consumer safeguards against fraud in crypto transactions, with public comments on the proposed rules due by March 31, 2025. However, there are concerns regarding the clarity of the rule, particularly whether it will cover self-custody wallets, which are not tied to any exchange. Analysts have noted that the CFPB's vague language may be a strategic choice to avoid addressing statutory limitations related to self-custody wallets.
