{
}
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.
Joey Krug
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
biden administration proposes strict crypto regulations amid impending leadership change
10:00 11.01.2025
biden administration proposes regulation for crypto wallet providers before transition
19:26 10.01.2025
Trending
Subcategory
Corporate News
Startups & Entrepreneurship
Economic Indicators
Global Trade Developments
Market Analysis and Predictions
Countries:
Companies:
Currencies:
People: