New CFPB proposed rulemaking makes no distinction between custodial and self-custody wallets

The Consumer Financial Protection Bureau (CFPB) has issued a notice of proposed rulemaking to reinterpret the Electronic Funds Transfer Act (EFTA) to include cryptocurrency activities.

However, the proposal does not differentiate between cryptocurrency services offered by trusted intermediaries, which could be subject to consumer protection regulations, and software tools for self-securing digital assets, which are considered protected speech and should not be subject to regulatory permissions, writes Coin Center.