Judge Tosses Out Cryptocurrency Apple Antitrust Lawsuit Filed by Venmo Customers

A lawsuit targeting Apple's refusal to allow apps to support cryptocurrency transactions was today tossed out by a San Francisco judge, reports Reuters. The lawsuit, which was filed by Venmo and Cash App customers, claimed that Apple drove up the fees charged by Venmo and Cash App by not letting payment apps facilitate cryptocurrency transactions.

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The plaintiffs alleged that Apple curbed competition in the mobile peer-to-peer payment market with its App Store guidelines. No option for cryptocurrency has supposedly caused Venmo and Cash App to raise prices for transactions and services due to "no competitive check." A payment app that is based on decentralized cryptocurrency technology would let iPhone users "send payments to each other without any intermediary at all."

According to the lawsuit, Venmo, Cash App, PayPal, and other payment providers agreed to an ‌App Store‌ guideline that does not allow for cryptocurrency transactions, which constitutes an "unlawful agreement." Apple asked for the case to be thrown out because the plaintiffs were not able to demonstrate illegal app rules or business agreements, and the judge agreed.

Apple's ‌App Store‌ rules allow cryptocurrency wallets that store virtual currency, and apps can facilitate cryptocurrency transactions on an approved exchange in countries where the app has licensing and permission to operate a crypto exchange.

The judge overseeing the case called it "speculative" and said it "suffers from several fatal problems." The plaintiffs have been given 21 days to submit an amended complaint, but the judge does not believe the case can be saved.

Top Rated Comments

breather Avatar
4 weeks ago
Crypto is a scam and shouldn’t be allowed on the App Store.
Score: 29 Votes (Like | Disagree)
DelayedGratificationGene Avatar
4 weeks ago
Same thing will happen to absurd DOJ case. Waste of taxpayer money.
Score: 16 Votes (Like | Disagree)
hoodafoo Avatar
4 weeks ago
bitcoin is a scam
Score: 7 Votes (Like | Disagree)
dampfnudel Avatar
4 weeks ago

Crypto is a scam and shouldn’t be allowed on the App Store.
I wholeheartedly agree with you. I know a woman who told me that crypto would allow her to retire early. That was in 2018. She’s still working.
Score: 6 Votes (Like | Disagree)
Jumpthesnark Avatar
4 weeks ago
So Venmo and the Cash App raised their fees and blamed Apple, and now some of their customers are suing Apple over it, saying that Apple stifled competition even though those two companies should be lowering their fees if they are truly competitive, regardless of Apple. Got it.

It turns out that the crypto users will really believe in any scammy thing you tell them.
Score: 6 Votes (Like | Disagree)
mdriftmeyer Avatar
4 weeks ago

I'm going to agree with you, but with a caveat.

Apple should be required to allow normal software installation. Then the cryptoidiots could get their scam apps from any source of their choosing, I could install an open source terminal app from Github, and you could install anything you want too.

It's not Apple's iPhone, it's MY iPhone, and I have the right to install software of my choosing on it, without Apple's interference.

Then Apple can set whatever app store policies they want on their store, they can charge developers 90% if they want, and it won't matter.

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OL-APAC- AP v1.1
interests in any Work Product or original works created in connection with this Agreement. Seller irrevocably agrees not to assert against Apple or its direct or indirect customers, assignees, or licensees any claim of any intellectual property rights of Seller affecting the Work Product. Apple will not have rights to any works conceived or reduced to practice by Seller which were developed entirely on Seller's own time without using equipment, supplies, facilities, or trade secret or Apple Confidential Information, unless (i) such works relate to Apple's business, or Apple's actual or demonstrably anticipated research or development, or (ii) such works result from any Services performed by Seller for Apple.

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Score: 5 Votes (Like | Disagree)

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