Major Move Against Cryptocurrency Fraud: New Regulation Proposal from the US! - Coin Bulletin

The Consumer Financial Protection Bureau (CFPB) of the United States is seeking public opinion on new rules aimed at providing consumers with more protection in cryptocurrency transactions.

The agency working on regulations for digital payment mechanisms proposed an 'interpretive rule' on how the Electronic Fund Transfer Act (EFTA), which came into effect in 1978, can be applied to new payment methods such as stablecoin.

CFPB Director Rohit Chopra emphasized that people should have confidence that their transactions will not be affected by errors or harmful surveillance when using digital payment methods. Chopra said, "People who pay their family expenses with new digital payment methods should be sure that these transactions are secure."

Increased Stablecoin Usage

The CFPB expects the use of digital payment mechanisms such as stablecoins to increase among consumers in the coming years. Therefore, it emphasizes the need to guide other US regulators on how existing laws can be applied to the crypto sector. In particular, the prediction that stablecoins will gain more ground in the electronic payments field requires the acceleration of regulations in this area.

The Future of the Trump Administration and the CFPB

However, the future of the CFPB is uncertain. Elon Musk, as co-leader of the newly established Government Efficiency Department, expressed his intention to "shut down" the CFPB in a post on the X platform in November. Musk's move was interpreted as a message that could shape the possible policies of the Trump administration towards the CFPB. The CFPB was established in 2007 at the suggestion of Senator Elizabeth Warren and has been working on various financial regulations aimed at protecting consumers since then.