Westlaw News

Case to Watch: Manhattan federal judge to consider whether cryptocurrencies are cash

A case before a federal judge in Manhattan over fees Chase Bank charged its customers to buy cryptocurrencies could help define whether digital currencies are cash, a question with implications for what laws and regulations the currencies are subject to.

Chase customers filed the proposed nationwide class action last year after the bank stopped letting customers buy cryptocurrencies with credit cards and began treating them as cash advances. The lawsuit accuses the bank of violating the U.S. Truth in Lending Act by hitting them with surprise fees and higher interest rates for the cash advances without prior notice.

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