Why would you want to remove charge backs? If you pay for something and don't get it, have your payment instrument stolen, get tricked by a scam, etc then charge backs seem like an excellent tool to have. Charge backs are also not independent of the courts, if you trigger an illegitimate charge back then the counterparty can sue you.
No need to remove chargebacks. But there does need to be an electronic analogue to paying with cash, a utility provided by the federal government. Supposedly it is being worked on and called "FedNow".
Pretty good given the first ammendment and lack of other rationale such as scarcity of airwaved. A pretext to deny would be difficult for domestic companies.
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?
