Share this article
CFPB Could Demand Consumer Protections for Digital Wallets
The Consumer Financial Protection Bureau (CFPB) has published a set of new proposals that could an impact cryptocurrency users.
Updated Sep 11, 2021, 11:19 a.m. Published Nov 14, 2014, 3:50 p.m.
The Consumer Financial Protection Bureau (CFPB) has published a set of proposals that could impact cryptocurrency users.
Its 870-page report, published 13th November, is largely focused on prepaid debit cards, but some provisions in the document may apply to cryptocurrency wallets too.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Regulations may apply to all digital wallets
The bureau is still seeking comment on its proposed definition of ‘prepaid accounts’ and admits that the document remains a work-in-progress.
While most of its proposal deals with cards, however, the CFPB notes that it could apply to digital currencies as well:
“The Bureau also recognizes that the proposed rule may have potential application to virtual currency and related products and services. As a general matter, however, the Bureau’s analysis of mobile financial products and services, as well as and virtual currencies and related products and services, including the applicability of existing regulations and this proposed regulation to such products and services, is ongoing. The proposed rule does not specifically resolve these issues.”
There are significant variations in the way digital wallets hold funds and process payments, the CFPB states.
Most allow users to store their bank account, debit card, credit card or prepaid credit card credentials on mobile devices. Some allow consumers to store funds directly, or by funding a prepaid product that can be used to withdraw funds, it says.
CFPB already accepts digital currency complaints
The bureau issued an advisory on digital currencies back in August, warning US consumers about the potential dangers of the bitcoin ecosystem. It also began accepting consumer complaints regarding digital currencies.
At the time the CFPB told CoinDesk that it was actively working to understand how digital currencies and other emerging technologies affect consumer protections. The bureau said it would continue to carefully monitor the development of digital currencies and take appropriate steps if necessary.
Judging by the latest set of proposals, the bureau has not changed its position on digital currencies – they remain under examination.
Mobile image via Shutterstock.com
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
