The US Consumer Financial Protection Bureau is considering applying electronic banking laws to cryptocurrency.

According to BlockBeats news on October 9th, the US Consumer Financial Protection Bureau (CFPB) is considering applying the Electronic Funds Transfer Act (EFTA) to cryptocurrencies to protect consumers from fraudulent cryptocurrency transfers. During a payment conference held by the Brookings Institution think tank on October 6th, CFPB Director Rohit Chopra stated that the agency is considering applying EFTA to "private digital dollars and other virtual currencies."