On January 17th, TechNet and NetChoice, two technology trade organizations, filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) in the United States, challenging its regulatory practice of treating payment applications and digital wallets as banks. The lawsuit opposes the new rules issued by the CFPB in December, which aim to expand regulation of "general digital consumer payment applications", primarily targeting large payment applications and non-bank financial service providers such as digital wallets.

Although the rule does not involve providers of encrypted wallets or decentralized wallets, its target is large non-bank companies. Chris Marchese, the Director of Litigation at NetChoice, stated that the CFPB's expansion of power undermines the rule of law and could lead to price increases and reduced choice.