CFPB Proposed Rules Relating to Prepaid Accounts Comment
The Consumer Financial Protection Bureau may apply rules meant for prepaid products to digital currency businesses. We recommend against it.
On December 23, 2014, the Consumer Financial Protection Bureau published a proposed rulemaking relating to prepaid products that briefly noted that some of its requirements may apply to virtual currency products. While we do not disagree that meaningful steps can be taken to protect virtual currency consumers, we believe that the choice to regulate virtual currency firms as providers of prepaid accounts is premature. Below are comments on the proposal filed by Coin Center.