Payments News Update – May 22, 2026
Legal and Regulatory Developments
SPOTLIGHT: Crypto Industry Scores Win as Clarity Act Regulation Bill Clears Senate Hurdle
CNBC – May 14, 2026
The cryptocurrency industry notched a key win after a Senate panel on Thursday approved the Clarity Act, the first wide-ranging piece of legislation pertaining to the new industry.
The Senate banking committee largely voted along party lines, 15-9, with Democratic Sens. Ruben Gallego, of Arizona, and Angela Alsobrooks, of Maryland, joining all Republicans on the panel to vote for the bill.
The measure has a long way to go before becoming law, given both powerful opposition and the fact that it would need to clear the full Senate as well as the House before heading to President Donald Trump’s desk. . . .
White House Pushes FinTech Access to Payment Rails
PYMNTS – May 19, 2026
The White House is pushing federal financial regulators to take a fresh look at the rules that shape how FinTechs work with banks, payment systems and the broader financial services sector.
President Trump signed an executive order Tuesday (May 19) directing federal regulators to review existing regulations, guidance, supervisory practices and application processes that may be updated to encourage financial innovation and competition, while maintaining safety and soundness, according to a White House fact sheet.
The order is aimed at the regulatory plumbing behind modern financial services. It calls on federal regulators to identify rules that could be changed to support the growth of FinTech firms and federally regulated financial institutions of all sizes. . . .
CFPB Alum Chopra to Lead California Consumer Agency
Banking Dive – May 13, 2026
Former Consumer Financial Protection Bureau Director Rohit Chopra is back atop a consumer watchdog, this time in California.
Chopra will lead the Golden State’s new Business and Consumer Services Agency, which is launching July 1 with the dissolution of the state’s current Business, Consumer Services and Housing Agency, according to a Tuesday press release.
“While federal agencies are making life more expensive and enriching special interests, California will be firing on all cylinders to make sure markets aren’t rigged against families and small businesses,” Chopra said in a prepared statement. . . .
Industry Developments
SPOTLIGHT: Where Stablecoin Use Is Growing
Payments Dive – May 19, 2026
Stablecoin use in cross-border transactions is gaining momentum, although it remains early days for stablecoins in overall business payments, according to two analyst reports issued last week on the digital assets.
Industry adoption will “rely heavily on a combination of greater regulatory clarity and partnerships that can help alleviate the complexity of launching, using and managing stablecoins,” S&P Global Market Intelligence wrote in a May 11 report.
Stablecoins offer “core technical advantages” in their “near-instant 24/7 settlement and the ability to support programmable payments,” Moody’s Ratings said in a May 13 report. In terms of cross-border payments, stablecoins can settle for 0.1% to 0.5% of a transaction value, compared to an average remittance cost above 6%, Moody’s said. . . .
Mastercard Intros Strategy to Ferret Out Scam Merchants
PYMNTS – May 19, 2026
Mastercard wants to help banks and payment companies separate legitimate merchants and scammers.
That’s the goal of Merchant Trust Services, a new strategy that uses Mastercard’s intelligence, cyber and identity capabilities, and analytics to distinguish real merchants from risky ones, both on and offline, according to a Tuesday (May 19) Mastercard trend story.
“Every bad experience online makes shoppers second-guess legitimate businesses, and that makes it harder for real merchants to win and keep customers,” Mastercard Chief Franchise Officer Simon Collins said in the story. “When confidence cracks, businesses pay for it in more declines, more disputes and more abandoned carts.” . . .