CandleFocus Biden's Consumer Watchdog Pushes for Last-Minute Stablecoin Rule
2025-01-10
Author: Content Editor
The U.S. Consumer Financial Protection Bureau (CFPB) has proposed new regulations that would impact stablecoin issuers and wallet providers. The proposal aims to apply the Electronic Fund Transfer Act to virtual wallets and stablecoins, defining them as a payment mechanism. The regulation would require institutions providing such accounts to comply with consumer protections and disclosures. However, the proposal's future remains uncertain as it would need to survive the arrival of a Trump-appointed leader. Critics argue that the proposal fails to consider decentralized ledgers and self-hosted wallets. Supporters believe it would level the playing field among digital payment mechanisms and provide consumer protections.
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