"It also establishes a precedent, allowing private companies to set opaque, moralizing, and arbitrary censorship terms without oversight." Yes, this is done with other things as well. On one hand, I think that the free market would create payment processors willing to work with the groups rejected by others. On the other hand, it seems that many financial things are set by international organizations, which the proce…
Having built a neobank. It’s fact that pornography is intertwined with sex trafficking, organized crime, revenge porn and other illegal activities. Regulators crack down on financial institutions if they are caught providing services for illegal activities.
I've worked with sex-related sites before. And you're right that there are sleazy people in that industry. But it really isn't hard to distinguish, especially when you can see their payment stream.
Without moralist obsessions with sex, nobody would care.