So the FTC literally just sent warning letters to PayPal, Stripe, Visa, AND Mastercard in the same week asking them to explain why they keep cutting people off from digital payments with zero explanation. Like think about that for a second. Four companies. Four. That’s the entire architecture of how money moves in this country and apparently the government just now realized that maybe letting a handful of Silicon Valley suits decide who gets to participate in the economy based on vibes is a bad idea. The debanking thing isn’t even a conspiracy theory anymore it’s just a federal investigation now, which somehow makes it both more reassuring and way more terrifying at the same time.
The crazy part is we built this whole “cashless future” on infrastructure that can just quietly exclude you and never has to say why. No cash, no privacy, no recourse. Your Stripe account gets flagged, your PayPal gets frozen, and now what you just don’t exist economically? People been saying for years that transparent payment rails were a surveillance problem dressed up as convenience and the response was always “you sound paranoid,” and now the FTC is literally investigating it.
FTC just sent warning letters to PayPal, Stripe, Visa, and Mastercard over debanking
byu/Repulsive_Counter_79 inCryptoCurrency
Posted by Repulsive_Counter_79
3 Comments
That’s why we have crypto.
Permission less and censorship resistant are two of of its best attributes.
Payment processing companies should have no say in who gets to do business with them.
Transaction is legitimate? Must process it no questions asked. Chargebacks? As long as seller covers them, can not apply penalties.
The EU have woken up to this too and are working on a payment system, one of the ICC judges can’t buy eu products in europe because all the payment processors are US based and blacklisted her.