EddieJayonCrypto
11 Jan 25
A filing by the outgoing Biden administration aims to hold crypto wallet developers accountable for fraudulent or unauthorized transactions. The proposed rule from the Consumer Financial Protection Bureau would regulate digital asset wallets as financial institutions. Critics, including crypto polic...
The outgoing Biden administration has filed to hold crypto wallet developers responsible for fraudulent or unauthorized transactions, proposing a rule to regulate digital asset wallets as financial institutions. Critics, including crypto policy leaders, have swiftly opposed the move. The proposed rule, which aims to hold wallet providers accountable for unauthorized transactions, has drawn swift criticism. However, with the upcoming change in administration and the Supreme Court's ruling on the Bureau's director, the future of this proposal remains uncertain. The incoming Trump administration is likely to quash the proposed rule and support the crypto industry. The response to the proposed rule by crypto policy leaders was swift and critical, likening it to holding hammer manufacturers liable for the misuse of hammers and highlighting the deep connections between the Consumer Financial Protection Bureau and Elizabeth Warren. As the Biden administration transitions out, the fate of this proposed rule remains uncertain.