Tech Groups Sue Over Regulations

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Gizmodo

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Tech Lobbyists Are Mad Feds Want to Regulate Digital Payment Apps Like Banks

Summary

Nutrition label

71% Informative

A pair of tech trade groups are suing the federal government over its attempts to regulate digital payment apps and wallets like banks.

A lawsuit filed against the Consumer Financial Protection Bureau claims that new regulations introduced last year are arbitrary and capricious, and put “innovation at risk” The legal action comes not long after last year ’s high-profile scandal in which a fintech startup managed to lose track of $100 million in customers’ funds.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful