The RFIA would define consumer protection standards for digital assets and introduce new requirements regarding digital asset use in interstate money transfers.
By Jenny Cieplak, Parag Patel, Barrie VanBrackle, and Deric Behar
Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was introduced in the US Senate on June 10, 2022, to create a framework for digital assets, cryptocurrency, and blockchain technology. This second post in the series covers consumer protection and state money transmission laws.
Consumer Protection: Disclosures
Consumer Protection issues are covered in Title V of the bill (Responsible Consumer Protections) of the Responsible Financial Innovation Act (RFIA). The RFIA’s customer protection standards are to be enforced by the federal or state licensing, registration, or chartering authority of a digital asset intermediary, or by the appropriate state or federal banking supervisor if a depository institution or other financial institution. Continue Reading