The U.S. Federal Trade Commission (FTC) has recently taken a significant step by addressing concerns directly to the CEOs of major financial service companies, including Mastercard, Visa, PayPal, and Stripe. The letters express apprehension regarding the potential denial of services to customers based on their political or religious beliefs, warning that such practices could lead to investigations and possible enforcement actions.
Context of the Concern
This initiative follows a notable incident involving Valve, where Mastercard was alleged to have pressured the company into removing several adult-themed games from its Steam platform. In response, Mastercard clarified that it had not directly influenced the removal of any games, asserting that it permits all lawful purchases. The confusion stemmed from payment processors utilizing Mastercard’s technology, which enforced restrictions based on Mastercard’s policies, particularly rule 5.12.7 concerning “illegal or brand-damaging transactions.”
In the correspondence sent to the CEOs, FTC Chairman Andrew N. Ferguson emphasized the importance of ensuring that all law-abiding individuals can fully engage in commerce and public life, thereby maintaining access to the financial system.
Political Implications
The backdrop of this situation is further complicated by an executive order issued by former President Donald Trump in August 2025. This order highlighted concerns about financial institutions participating in surveillance programs targeting individuals involved in conservative activities following the events at the U.S. Capitol on January 6, 2021. Ferguson reiterated these concerns in his recent announcement, framing the letters as a necessary measure to protect individuals’ rights within the financial landscape.
While the political implications may not resonate with everyone, particularly those in the MAGA community, the letters could inadvertently benefit indie and adult game creators who face increasing challenges in reaching their audiences. A report from the Office of the Comptroller of the Currency, following Trump’s executive order, identified adult entertainment as one of the sectors facing restricted access from the nation’s largest banks.
Future Considerations
Ferguson specifically urged Mastercard’s CEO, Michael Miebach, to ensure that the company does not support unlawful debanking practices by its network members. This statement effectively addresses the situation with Steam, where the payment processors cited Mastercard’s policies as justification for demanding the removal of certain games.
Despite these developments signaling a potential shift in the right direction, there remains uncertainty. A proposed rule change aimed at eliminating “reputation risk” from regulatory frameworks may not significantly alter the discretion financial institutions have in making business decisions regarding customers or third-party arrangements. This ambiguity allows payment processors considerable leeway to continue their current practices.
In light of these unfolding events, inquiries have been made to both Valve and the FTC regarding the implications of these letters for adult video games on the Steam platform, with updates anticipated pending their responses.
