The proposed measure aims to reinterpret the Electronic Fund Transfer Act to offer greater protection to gamers against scams and fraudulent transactions.
Gamers and their guardians are facing significant issues, including unauthorized transactions and lack of support from gaming companies, leaving them vulnerable to financial loss.
The proposed law won't apply universally, focusing instead on games like Roblox that have monetized virtual marketplaces and shared user transactions.
The CFPB acknowledges the rapid evolution of gaming currencies, likening their function to banking and payment systems, prompting the need for regulatory updates.
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