Payments News

A Cryptocurrency Evades Swipe-Fee Limits

Jul 24, 2019

I was initially puzzled that your July 19 editorial “Cryptocurrency to the Rescue” tries to boost Facebook’s beleaguered Libra cryptocurrency proposal by attacking my 2010 amendment that reined in Visa and Mastercard’s anticompetitive fixing of debit-card swipe fees. The issues seem unrelated, but then I saw the connection: Visa and Mastercard, which hate my amendment, are both angling to be founding members of the Libra Association which would oversee Facebook’s currency. 

Read the full story (requires subscription to WSJ.com).