According to news on January 17, two technology trade organizations, TechNet and NetChoice, filed a lawsuit against the U.S. Consumer Financial Protection Bureau (CFPB), challenging its regulatory practice of treating payment applications and digital wallets as banks. The lawsuit opposes new regulations issued by the CFPB in December that aim to expand supervision of "general-purpose digital consumer payment applications", mainly targeting large payment applications and non-bank financial service providers such as digital wallets. While the rule does not address crypto wallet providers or decentralized wallets, it targets large non-bank companies. NetChoice Litigation Director Chris Marchese said the CFPB's expansion of authority undermines the rule of law and could lead to higher prices and less choice.