3 ms·
The feds have been pressuring financial services companies to "de-platform" legal businesses, including those in the adult industry, for years. The govt's pret
by anamax 5y ago
The feds have been pressuring financial services companies to "de-platform" legal businesses, including those in the adult industry, for years.
The govt's pretext has been "reputational risk." Isn't it nice of the feds to tell a bank that "someone" might not think well of them if they provide services to "those" people?
It is established law that a business that acts at govt behest is a state actor, so that "pressure" is enough to bring the 1st amendment in. That is, if there's a 1st amendment argument. However, said de-plaforming doesn't seem to succumbed to a 1st amendment challenge.
Maybe such a business would win with a first amendment argument on FedNow, but how many can survive until that decision comes down?
- lotsofpulp 5y ago>The feds have been pressuring financial services companies to "de-platform" legal businesses, including those in the adult industry, for years. Source? I have never heard of this.
- anamax 5y agohttps://www.freespeechcoalition.com/blog/blog/2018/09/07/banks-adult-entertainment-and-selective-fear-of-reputational-risk-ynot https://www.freespeechcoalition.com/blog/blog/2018/09/07/ban... and https://www.wsj.com/articles/BL-252B-6265 https://www.wsj.com/articles/BL-252B-6265 see also https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3353847 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3353847