Robinhood Wallet and Fomo Meme Coin Purchases Face Card Network Scrutiny

Robinhood Wallet and Fomo users can purchase certain meme coins via Apple Pay or Google Pay using credit cards without separate identity verification. These transactions, facilitated by Crossmint, are categorized as 'digital goods media' rather than cryptocurrency purchases, allowing users to earn standard credit card rewards. JPMorgan Chase has flagged potential merchant category code misuse to Visa, while the New York Attorney General's office is reviewing the matter. Crossmint cites SEC classifications of some meme coins as digital collectibles, though p