Is Crypto Cash? A Decision for New York Federal Judges To Make

Chase Bank – the subsidiary of JP Morgan Chase had been sued by its customers on April 2018 for charging additional fees on crypto transactions. One of the leading plaintiffs, Brady Tucker said that the bank charged him additional fees of $143.30 and interest charges of $20.61 for five crypto transactions between January and February 2018 without prior notice.

Chase Bank claimed that crypto is cash as it can be used as a medium of exchange, and the only difference is that crypto is digital asset. The federal judge of Manhattan will then need to decide whether such statement is legitimate which can be a landmark decision for cryptocurrency.

Brady Tucker further claimed that Chase Bank is in violation of the Truth in Lending Act where the law required the bank to inform any changes of its terms of service in writing.