Visa Moves to Close Meme Coin Credit Card Rewards Loophole
60-second summary
Visa is shutting down a loophole that let meme‑coin purchases be coded as ordinary “digital media” and earn credit‑card rewards, after banks abandoned tighter stablecoin rules following the failed Clarity Act. JP Morgan celebrates a narrower victory, while the move could curb reward‑gaming, prompting merchants and users to adjust spending habits.
After banks lost their push for tighter stablecoin rules in the failed Clarity Act, JP Morgan scored a narrower win as Visa moves to stop meme coin purchases from being coded as ordinary "digital media" and earning card rewards.