The Consumer Financial Protection Bureau (CFPB) is currently assessing the use of the Electronic Fund Transfer Act (EFTA) within the context of crypto platforms. This move is geared towards enhancing safeguards for consumers in a market that has recently witnessed significant breaches on platforms such as FTX, Crypto.com and Axie Infinity. Under the EFTA legislation, electronic fund service providers must apprise users of their responsibilities regarding unauthorized transfers.

Rohit Chopra, director of the CFPB, announced the agency’s plans to delve further into the operational aspects of significant digital companies at a recent Brookings Institution meeting. The scrutiny extends to how these companies handle user data and their strategic approaches to the introduction or…

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