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Credit card firms should be just utility providers... Like roads are. You go on a highway, pay your toll, and noone asks you if you're driving to meet your pare
by ajsnigrutin 5y ago
Credit card firms should be just utility providers... Like roads are. You go on a highway, pay your toll, and noone asks you if you're driving to meet your parents, if you're going to get a prostitute or if you're going to buy drugs.
Law enforcement should deal with the endpoints, so dealers, brothels, and your moms shitty meatloaf.
- lotsofpulp 5y agoI do not see why credit specifically be a utility. But electronic transfer of money should be, and supposedly will be: https://www.frbservices.org/financial-services/fednow https://www.frbservices.org/financial-services/fednow
- Root_Denied 5y agoRegulations like OFAC are still going to restrict payments, especially those made internationally or over a certain amount. I'm not saying that the regulatory framework should allow payments to known terrorists or terrorist groups, more pointing out that electronic transfers are never going to be structured like a utility without significant restructuring of banking laws.
- bduerst 5y agoDo you mean Common Carrier laws? Kind of like how FedEx won't care that you're shipping to their competitor, like UPS. This could happen, but it would also mean overhauling some of the finance laws that hold credit card companies accountable.