Visa Ends Memecoin Credit Card Rewards to Close Digital Media Loophole

Crypto31 days ago

Visa will stop payment processors from classifying memecoin purchases as digital media, cutting off a workaround that let some users earn credit card points or cashback. The restriction targets Crossmint-powered transactions and includes a grace period for processors that ends next week.

The action follows an investigation into memecoin buying activity on Fomo and Robinhood Wallet. The move aligns with increased scrutiny of the cryptocurrency industry by US regulators on Capitol Hill and recent events involving Crossmint.

Mapped to your portfolio

Possible scenarios

38%Industry Standard Shift-0.0%
27%Regulators Codify Rules+0.0%
20%Memecoin Selloff Deepens-0.2%

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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Visa Ends Memecoin Credit Card Rewards to Close Digital Media Loophole

In this story

Visa Crossmint Fomo Robinhood Markets United States

$VVisa, Inc.

Portfolio

SPY
State Street SPDR S&P 500 ETF Trust
100%

Portfolio

SPY
State Street SPDR S&P 500 ETF Trust
100%

Mapped to your portfolio

Possible scenarios

38%Industry Standard Shift-0.0%
27%Regulators Codify Rules+0.0%
20%Memecoin Selloff Deepens-0.2%

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.