Robinhood memecoin buys are coded as digital media in Visa dispute

Reported tests of dogwifhat purchases through Robinhood Wallet posted as digital media under MCC 5815. Visa rules require crypto purchases to use MCC 6012 or 6051. Visa rules also require a quasi-cash flag that removes most card rewards. Chase said the rewards points should not have been issued. Chase took the coding issue to Visa. Crossmint said its product covers only memecoins treated as collectibles from internet memes. Crossmint bars stablecoins and payment tokens. SEC staff described meme coins as similar to collectibles in 2025. A March interpretive release named WIF as an example alongside CryptoPunks. Visa's manual does not provide a similar exception. Fomo CEO Se Yong Park said buying a memecoin is no different from buying morning coffee through Apple Pay. New York Attorney General Letitia James is reviewing the setup. WIF traded near $0.19 on Wednesday. WIF was down 2% in one day. WIF had a total value of about $197 million. A viral post claimed that one wallet spent $20 million on Artificial Inu and lost $19.8 million in seconds. The claim involved a Robinhood Chain meme coin paired with tokenized NVDA. A price tracker produced the $20 million figure. The tracker treated one step of a multi-pool route as a completed trade. Traders who reconstructed the route estimated the actual spending near $650,000. The trace remained unconfirmed. Visa can recode the merchant. Visa can warn the merchant. Visa can impose a fine. Visa can recover fees. Any of those actions would end the rewards.