The CEOs of Visa, Mastercard, PayPal Holdings and Stripe received letters Thursday from Federal Trade Commission Chair Andrew Ferguson, who demanded they not discriminate against customers based on political or religious grounds.
The FTC threatened enforcement action if customers are denied services for those reasons.
Any act to “deplatform customers or deny them access to financial products or services” may violate the Federal Trade Commission Act and “could lead to an FTC investigation and potential enforcement action,” the agency said in a Thursday press release. The FTC didn’t cite any specific infractions by the companies.
The commission is typically made up of five members, but has just two at the moment. President Donald Trump last fired two of the Democrats who sat on the commission.
Crypto could replace all these companies
There are issues with speed/capacity of payments, and if the wrong crypto is used (i.e. those with proof of work, like Bitcoin, instead of proof of stake) it’s an environmental disaster.
Hardly issues at this point
https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
Bitcoin isn’t the only crypto
So name a cryptocurrency that doesn’t have a scalability issue, and that could handle the volumes of transactions that the global credit card payment processors do.
Solana would be the leader here and in lab tests can hit 100,000 TPS. VISA averages 45,000 TPS globally. Not bad for an unfinished product.
So then we help the Trump kids and David Ballsacks make bank from their crypto investments. No thanks.
macroeconomists famously love deflation they think it’s really good
Oh right we hate technology around here