MetaMask, Phantom Liable For “Unauthorized” Transactions
The Bureau can hold wallet providers like Phantom and MetaMask accountable for "unauthorized" transactions.
An appointee of Joe Biden’s departing presidential administration filed a Hail Mary suit to hold cryptocurrency wallet developers accountable for any fraudulent or incorrect transactions that affect users, action will likely be revoked when Donald Trump assumes office later this month
The proposed rule would give the Consumer Financial Protection Bureau regulating digital asset wallets as financial institutions providing electronic fund transfers.
The agency established to safeguard consumers following the 2008 financial crisis, claims that while it is legally allowed to make these changes, it is extending the public comment period on the proposed rule by two months out of courtesy.
Rohhit Chopra, the director of the Bureau, said in a statement today that when people use new digital payment methods to pay for their family expenses, they need to be sure that their transactions are free from errors or harmful surveillance.
Crypto leaders don’t appear to be too worried about the possible negative effects of Friday’s proposed rule amid their frustrations. The Supreme Court decided that the president could fire the director of the Bureau for no reason.
Chopra’s attempts to control cryptocurrency wallet providers seem to be on borrowed time, especially in light of the incoming Trump Administration’s strong pro-crypto stance and Republicans’ long-standing resentment of the CFP’s existence.
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