Visa Could Ruin the Internet

Financial institutions and payment processors increasingly function as privatized censors, shaping the landscape of online speech by restricting access to funds for independent journalists, nonprofits, and marginalized groups. This phenomenon, often termed "financial censorship," allows private companies to suppress content without the legal constraints of the First Amendment, frequently citing vague policies regarding misinformation or reputational risk. Rainey Reitman, an advisor at the Electronic Frontier Foundation and author of *Transaction Denied*, highlights how organizations like WikiLeaks and various independent media outlets have been effectively silenced through arbitrary account closures. Because these financial entities lack the expertise to navigate complex speech issues, their actions often disproportionately impact those without institutional power. Addressing this requires reevaluating the liability imbalance that incentivizes banks to preemptively de-platform users to avoid potential legal or reputational fallout.