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Digital Wallets Expand Rapidly, Regulators Struggle to Keep Up

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Digital asset regulation faces mounting challenges as digital wallets expand into full-service financial platforms, offering loans, investments, and crypto assets. In the U.S., PayPal, Cash App, and Apple lead the charge, with mobile payment use surging. A key CFPB rule targeting non-bank apps was overturned in May 2025, reshaping oversight. Meanwhile, the EU Markets in Crypto-Assets Regulation continues to influence global standards. Providers and users remain tangled in a patchwork of state and federal rules, including money transmitter licenses and anti-fraud measures. Experts say inconsistent enforcement and rising consumer demand create ongoing risks.
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