"US Consumer Watchdog Considers Extending E-Banking Laws to Cryptocurrency"

The US Consumer Financial Protection Bureau (CFPB) is considering applying the Electronic Fund Transfer Act (EFTA) to protect consumers from fraudulent transfers in the crypto space. The agency plans to issue guidance on how existing electronic fund transfer laws can be applied to cryptocurrencies, including private digital currencies. The move comes as crypto-platform hacks have increased by over 150% year-on-year and during the criminal trial of FTX co-founder Sam Bankman-Fried. The CFPB also intends to examine large technology firms' business practices related to personal data and private currency issuance, as well as explore oversight of non-bank payment platforms and the classification of certain crypto activities as systemically important.