The Consumer Financial Protection Bureau (CFPB) is proposing a new rule to interpret the Electronic Fund Transfer Act (EFTA) and extend its consumer protections to some virtual currencies used in gaming and cryptocurrency platforms. The proposal aims to address issues gamers face with unauthorized transactions, account hacks, scams, and difficulty obtaining refunds from gaming companies and financial institutions. The CFPB seeks feedback from gamers on the proposed rule by March 31, 2025.
The proposed rule would interpret terms in the Electronic Fund Transfer Act, or EFTA, which has traditionally been used to protect consumers from unauthorized debit transactions, to include some virtual currencies supplied by gaming and cryptocurrency companies.
” For example, the popular children’s game platform Roblox allows creators to earn Robux by selling cosmetic items or building their own in-game worlds and experiences. Through Roblox’s DevEx program, Robux can be converted into US dollars. Not all games that feature in-game currency will necessarily be subject to the rule.
CONSUMERPROTECTION VIRTUALCURRENCIES GAMING ELECTRONICFUNDTRANSFERACT CFPB
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