The Green Sheet Online Edition
January 26, 2026 • 26:01:02
News Briefs
Crypto wallets gaining ground as everyday finance tools <- click to read full story
Self-custodial crypto wallets are evolving beyond trading utilities into multi-purpose financial platforms that increasingly resemble digital banks, according to usage data from Bitget Wallet. Activity throughout 2025 shows strong growth across decentralized trading, payments and yield products, reflecting broader momentum toward on-chain financial services outside centralized exchanges.
Bitget Wallet reported monthly swap trading volumes regularly exceeding $900 million, up 232 percent year over year, while perpetual derivatives trading approached $5 billion per month, a 291 percent increase. These gains mirror industry-wide shifts, with decentralized perpetual trading accounting for 18.7 percent of total volume, signaling growing user comfort with decentralized execution models.
The most notable growth, however, has occurred in payments and spending. Since the launch of the Bitget Wallet Card in July 2025, monthly spending volume has increased more than sixfold. The wallet has expanded support for national QR payment systems, direct bank transfers in select regions, and in-app crypto shopping, positioning stablecoins as practical payment instruments rather than speculative assets.
Stablecoin infrastructure is gaining traction beyond crypto-native ecosystems, with traditional payment networks and fintechs integrating stablecoin support and banks exploring regulated issuance under legislation such as the GENIUS Act.
At the same time, demand for yield products continues to rise, with Bitget Wallet's earn offerings nearing $200 million in quarterly subscriptions as users seek stable, predictable returns.
Despite this progress, mainstream adoption remains limited. Research shows many consumers still find Web3 wallets unintuitive compared with Apple Pay or PayPal. As wallets blend payments, savings, and investing, closing that usability gap will be critical to their emergence as everyday financial infrastructure.
Life after the penny: rounding, regulation, retail risk <- click to read full story
The federal government's decision to phase out penny production is creating operational and legal challenges for U.S. retailers, while potentially accelerating the shift toward electronic payments. The U.S. Mint halted penny production in November 2025 after the Treasury Department confirmed it costs 3.7 cents to mint a one-cent coin. Although 114 billion pennies remain in circulation, shortages are already disrupting retail operations.
Retailers are increasingly resorting to rounding cash transactions to the nearest five cents, a practice endorsed by the Treasury Department. POS providers have been encouraged to support rounding functionality, and Square launched a pilot program in December based on its experience in Australia and Canada. Square reports that roughly 19 percent of transactions on its platform are still cash-based.
Even before production ended, many retailers faced acute shortages. A Retail Industry Leaders Association survey found that nearly a quarter of large retailers had more than 1,000 locations without pennies. While two-thirds rounded in favor of consumers, the practice reportedly cost businesses millions of dollars.
The Treasury Department's guidance recommends fair, consistent rounding after taxes and fees, citing National Conference of State Legislatures guidance on symmetrical rounding. However, retail trade groups argue the guidance lacks legal protection. The National Association of Convenience Stores and RILA warn that without federal legislation, retailers remain exposed to legal and tax compliance risks.
Bipartisan legislation known as the Common Cents Act would codify Treasury's rounding recommendations and provide a legal safe harbor. Retail groups are urging Congress to act quickly to prevent further disruption and financial losses as pennies gradually disappear from circulation.
CFPB gets a reprieve <- click to read full story
A federal district court ruling has temporarily preserved funding for the Consumer Financial Protection Bureau, rejecting Trump Administration arguments that the agency is legally barred from receiving funds from the Federal Reserve. The decision holds, pending an appeals court ruling expected in February, in a case brought by the National Treasury Employees Union.
Russell Vought, director of the Office of Management and Budget and acting CFPB director, has sought to shut down the agency since January 2025. In November, the administration argued that CFPB funding must come only from Federal Reserve "profits," asserting that the Fed's recent operating losses made such funding unlawful.
Judge Amy Berman Jackson rejected that position, calling it an unsupported attempt to defy a prior court order barring the administration from dismantling the agency. She noted that the Federal Reserve has funded the CFPB continuously since 2011, including during years when the Fed was not profitable. The Fed returned to profitability in December 2025.
The CFPB was established under the 2010 Dodd-Frank Act to protect consumers from abusive financial practices. Beyond employee litigation, the administration's defunding effort has drawn opposition from state officials. Attorneys general from 21 states and the District of Columbia have sued to block the move, arguing it is unlawful and undermines state consumer protection efforts.
New York Attorney General Letitia James emphasized that states rely on CFPB complaint data and enforcement coordination. Since 2023, New York alone has referred more than 2,000 consumer complaints to the bureau. The case underscores the CFPB's central role in financial oversight as legal battles over its future continue.
Proposed 10 percent APR cap could hit fintechs, acquirers hard <- click to read full story
President Donald Trump's renewed call to cap credit card annual percentage rates at 10 percent has reignited debate across the payments industry, with issuers, fintechs and acquirers warning of significant downstream effects. While the proposal is framed as consumer protection, critics argue it could undermine the economics of card issuing and reduce access to credit.
Average U.S. credit card APRs exceed 20 percent, and interest income plays a key role in offsetting credit risk, fraud losses and compliance costs. Radi El Haj, CEO of RS2, warned that a 10 percent cap would compress margins and make serving higher-risk or thin-file customers economically unviable. Likely responses include tighter underwriting, lower credit limits or exits from underserved segments.
Fintech card programs may be particularly vulnerable. Many rely on partner banks and thin margins supported by a balance of interchange, interest income and scale. A hard cap could prompt banks to reassess risk, slow fintech partnerships and raise barriers to entry, dampening innovation.
Acquirers could also feel indirect effects. Reduced credit availability or lower limits may lead to declining card spend, cutting into transaction-based revenue. At the same time, issuers may pursue higher fees, premium card tiers or interchange optimization to offset lost interest income, potentially raising acceptance costs for merchants.
JPMorgan CFO Jeremy Barnum signaled resistance, suggesting the industry could challenge price controls. El Haj cautioned that shifting costs from interest to fees risks reducing transparency and undermining consumer protection goals. Industry leaders stress that any APR cap must consider the full payments ecosystem to avoid unintended consequences.
Trump takes on Visa and Mastercard <- click to read full story
President Donald Trump has intensified scrutiny of credit card costs by endorsing the Credit Card Competition Act (CCCA), legislation aimed at reducing merchant swipe fees by increasing network competition. The bill would require large card issuers to enable at least two processing networks per card, limiting Visa or Mastercard ownership to one option.
Introduced by Senators Roger Marshall and Richard Durbin and House sponsors Lance Gooden and Zoe Lofgren, the CCCA seeks to give merchants routing choice, allowing transactions to be processed over alternative networks such as Discover or regional EFT networks. Supporters argue this competition would pressure Visa and Mastercard to lower interchange fees.
The legislation has backing from nearly 2,000 businesses and a coalition of merchant, consumer and labor groups. Trump publicly endorsed the bill on Truth Social, calling swipe fees a "ripoff" and praising Sen. Marshall. Merchant groups claim swipe fees add more than $1,000 annually to household costs through higher prices.
Supporters frame the bill as relief for merchants and consumers facing inflation, while critics argue it could weaken fraud protections, disrupt rewards programs and reduce network investment. Visa and Mastercard have historically opposed the measure, warning of higher costs and reduced security.
The CCCA has been introduced multiple times since 2022 but has not advanced. Trump's renewed support may shift political momentum, though passage remains uncertain amid strong opposition from banks and card networks. The debate underscores ongoing tension between competition, security and cost in the U.S. card payments ecosystem. 
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