VISA TO CLOSE CROSSMINT MEMECOIN REWARDS LOOPHOLE

Summary from the TLDR Crypto newsletter

Visa is moving to stop payment processors from categorizing memecoin purchases under merchant code 5815, the "digital media" category that lets credit card buyers earn ordinary points or cash back, following The Block's investigation into Crossmint's memecoin checkout on Fomo and Robinhood Wallet. Checkout.com, Crossmint's processor, was reportedly told directly to end the practice, and Visa's grace period is expected to end next week, after which purchases must be processed under standard crypto transaction rules. Crossmint already pulled tokens GENIUS and DEGEN from its Apple Pay checkout after The Block questioned their classification as memecoins, and New York Attorney General Letitia James' office said it is looking into the matter. Mastercard has not disclosed whether it will follow Visa's lead.