Someone should. That someone should not be Visa and Mastercard.
The largest problem may be that doing the actual day-to-day work of regulation (vs. posturing, politicing, and passing poorly-written laws) is a [cough] pretty undesirable job.
That's not what I'm saying. I'd just rather it be regulated by our democratic institutions rather than by unaccountable payment providers.
Isn’t the democracy happening now? The majority of people had chosen the institution that create a law that is followed by VISA and Mastercard.
A de-facto outsourcing of regulatory enforcement could be less desirable than explicit regulation.
It could be, but it’s not necessarily so. It’s safer to circumvent Mastercard regulation than government, for better and worse.
I wonder if the US Supreme Court might revisit that too