Illinois's Interchange Fee Prohibition Act, which restricts interchange charges on tax and tip portions of card transactions, faces renewed legal challenges. The statute's enforceability against card networks, issuers, and payment processors remains unsettled. Meanwhile, a separate ruling determined that crypto-based wagering and prediction contracts fall within Nevada's gaming regulatory framework rather than operating as unregulated financial derivatives. The scope and application of both decisions are still developing.
Attorneys in payments and fintech should monitor these three fronts closely. State-level fee restrictions like Illinois's law could proliferate and create compliance complexity across jurisdictions. The Nevada crypto ruling signals courts may reclassify blockchain-based trading products as gaming, triggering licensing and disclosure obligations. Class actions over hidden fees continue to expose disclosure vulnerabilities in merchant and consumer pricing. Together, these disputes suggest private litigation and state enforcement are outpacing federal regulatory action, increasing litigation risk and compliance costs for fintech operators.