Current outcome
According to Crypto In America, JP Morgan has scored a narrower victory in a separate fight over credit card rewards on crypto purchases; according to a source familiar with the matter, Visa is moving to close an apparent loophole in Crossmint-powered checkouts that allowed meme coin purchases made with credit cards to be processed under a merchant code intended for digital media. Earlier, Chase told The Block that one Visa transaction was misclassified and should not have earned rewards, and the New York attorney general's office also told The Block it was aware of and reviewing the matter; meme coin purchases will continue but must be processed as crypto transactions under Visa's rules, and processors have a grace period expected to end next week.
Progress timeline
1 material updates- #01
Visa Moves to Close Meme Coin Credit Card Rewards Loophole
According to Crypto In America, JP Morgan has scored a narrower victory in a separate fight over credit card rewards on crypto purchases; according to a source familiar with the matter, Visa is moving to close an apparent loophole in Crossmint-powered checkouts that allowed meme coin purchases made with credit cards to be processed under a merchant code intended for digital media. Earlier, Chase told The Block that one Visa transaction was misclassified and should not have earned rewards, and the New York attorney general's office also told The Block it was aware of and reviewing the matter; meme coin purchases will continue but must be processed as crypto transactions under Visa's rules, and processors have a grace period expected to end next week.
Source evidence: Decrypt