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U.S. regulators issue warnings to payment companies like Visa regarding "debanking" issues
Golden Finance reported that on March 26, according to Bloomberg, Andrew Ferguson, the chair of the Federal Trade Commission, sent letters to payment companies such as Visa, Mastercard, PayPal, and Stripe, warning them not to refuse service based on users’ political views or religious beliefs.
Ferguson stated that preventing law-abiding individuals from conducting legitimate business is not consistent with American values. This move comes as the Trump administration focuses on the issue of “de-banking,” and the government has previously sued JPMorgan Chase and its CEO Jamie Dimon, accusing the bank of cutting off services to Trump and his businesses for political reasons. The Trump Organization has also sued Capital One Financial Corp., accusing it of political discrimination. JPMorgan Chase and First Capital have both denied the related accusations. Stripe responded that it will not restrict services based on political views.