A few days ago we shared here on the blog the news about the decision made by some social networks after the violent events at the Capitol and to which Stripe joins for will no longer process President Trump's campaign payments, who has continued to raise funds. And it is the fintech company that manages card payments for millions of online companies and e-commerce platforms, including the Donald Trump campaign website.
With this move Stripe has cut off a significant lucrative source of revenue for its political operations and has decided to ban the president's campaign account for violating its policy against the promotion of violence. This means that the president's campaign website will no longer have access to the payment processor services, which will prevent the Trump campaign from receiving donations.
Stripe requires users to consent not to accept payments for "high risk" activities, even for any company or organization that "involves, encourages, promotes or celebrates illegal violence or physical damage to people or goods", according to its policy of use.
The company has previously deactivated accounts as a result of violent acts. After a gunman killed 11 people in an attack on a Pittsburgh synagogue in 2018, Stripe shut down Gab.com (the right-wing social media platform on which the alleged shooter posted anti-Semitic messages).
The Trump campaign received more than $ 1.8 million in Stripe in the 2020 election cycle, according to Federal Election Commission records.
Trump's campaign and political operation last month reported raising more than $ 207 million between Election Day and early December, as he inundated supporters with emails and text messages asking for donations to help challenge the results of the the elections.
Therefore, the Trump campaign has launched a fundraising campaign to address the multitude of lawsuits brought by the president against the states of the country. Almost all of the lawsuits were dismissed, but the effort raised hundreds of millions of dollars for the Republican Party.
However, an increasing portion of the money went to a leadership political action committee that Trump created to help fund his post-White House activities.
Stripe's move follows a similar move from several other companies who cut ties with Trump or Republican lawmakers involved in challenging the recount of election results.
Citigroup (C), Marriott (MAR), Commerce Bank and BlueCross BlueShield are among the largest companies that have announced that they will suspend their PAC contributions to legislators who tried to reverse the election results.
The technology companies that handle the majority of financial transactions en línea they have decided to block the president.
Shopify and PayPal were the first to take action against extremists among the supporters of President Trump who participated in the riot.
PayPal deactivated the accounts of certain groups of Trump supporters who used money transfer fintech to coordinate payments to secure the actions of the rioters on Capitol Hill.
The company has been actively cracking down on far-right activists for some time. After the Charlottesville protests and the riots that followed in 2017, the company banned a number of far-right organizations. For the moment,
Last Thursday, Shopify announced that it would remove the Trump campaign windows. and Trump's personal brand.
This is a policy change from the company, which years ago said it would not moderate its platform, but in recent years it has cut some controversial stores, such as some right-wing stores in 2018.
Finally if you want to know more about it, you can check the original note In the following link.