Crypto Payments on Hold: App Store Lawsuit Bites the Dust
Venmo and Cash App users hoping to shake up Apple’s App Store payment system suffered a setback this week. Their lawsuit challenging Apple’s cryptocurrency restrictions was thrown out by a judge, leaving their quest for lower fees in limbo.
In November, these users claimed Apple’s App Store rules were anti-competitive. They argued that Apple shut out competition and inflated fees by forcing crypto transactions through an exchange. They even called the current system an “Apple-led cartel!”
But the judge wasn’t convinced. He deemed the lawsuit “speculative” and riddled with flaws. In his view, the way Apple structured crypto payments in the App Store didn’t necessarily violate antitrust laws.
Adding insult to injury, the judge doubted the lawsuit could be fixed. He said, “Nice try, but go back to the drawing board.” This makes a courtroom comeback for the lawsuit highly unlikely.
Apple, who initially requested the dismissal, is likely breathing a sigh of relief. Their App Store payment system, for now, remains unchallenged on the crypto front.