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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
In the final days of his presidency, Joe Biden's administration proposed a rule by the Consumer Financial Protection Bureau (CFPB) that would classify cryptocurrency wallet providers as financial institutions, holding them accountable for fraudulent transactions. This move, aimed at enhancing consumer protection, faces significant opposition and is likely to be overturned by the incoming Trump administration, which is expected to adopt a more lenient stance on crypto regulation. Critics argue that the proposal unfairly penalizes tool manufacturers for misuse, echoing broader concerns about the regulatory approach to digital assets.
A Biden appointee has proposed a rule to hold crypto wallet developers like MetaMask and Phantom liable for fraudulent transactions, aiming to regulate them as financial institutions under the Electronic Funds Transfer Act. This move, criticized by crypto leaders, is expected to be reversed with the incoming Trump administration, which has a pro-crypto stance. The Consumer Financial Protection Bureau's director, Rohit Chopra, faces potential dismissal as Republicans oppose the Bureau's existence.
Phantom faced backlash after AceofAI's announcement of a supposed partnership, which led to a surge in the $ACE token's value. However, Phantom clarified that there was no official partnership, causing the token's value to plummet over 90%, resulting in investor losses and accusations of misleading communication. Users expressed their frustration on social media, questioning Phantom's responsibility in the matter.
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