Conflicting Opinions: District Court Concludes EFTA and Regulation E Do Not Apply to Digital Asset Accounts Established for “Investment Purposes”

On August 11, in the case of Yuille v. Uphold HQ Inc., the Southern District of New York was tasked with determining whether the Electronic Funds Transfer Act (EFTA) applies to digital asset-based accounts. The court concluded there was no “account” as defined by EFTA because the digital asset account at issue was not established primarily for personal, family, or household purposes….
By: Troutman Pepper