CFPB Proposes Refund Mandate to Protect Cryptocurrency Users – BitRss

The American Consumer Financial Protection Bureau (CFPB) has proposed a mandatory refund requirement for digital assets following numerous attacks on cryptocurrencies. This initiative is part of CFPB’s recent decisions aimed at protecting consumers from unfair practices by financial institutions.

Details of the New Rule

The new CFPB rule will require cryptocurrency firms to reimburse stolen funds from customers. This regulation aims to extend the protections traditionally offered by bank accounts to cryptocurrency users’ wallets. If approved, the definition of “funds” will encompass any assets used as a means of payment, compelling crypto wallet providers to compensate users when their funds are stolen.

According to data from the market intelligence platform Chainalysis, cryptocurrency platforms experienced a total loss of $2.2 billion in 2024, representing a 20% increase from the previous year. Additionally, a significant slowdown in attacks was observed in the second half of 2024.

The Role of North Korean Hackers

Chainalysis also reported that North Ko…