The newest development comes in the form of a specific merchant category code for retailers of firearms and ammunition, breaking them out from the broader category of specialty retailers in which they were previously included. The code makes credit card purchases from such businesses much easier to track and potentially exposes buyers and sellers to harassment.
The new code is touted as an anti-crime measure, but its advocates don’t specify how tagging all transactions by associated vendors will identify suspicious activity. …
But the new code doesn’t come with subcategories for aspiring mass murderers; it tags all purchases, whether of rifles or beef jerky, and without regard for intent. That has industry insiders worried that politicians are again weaponizing the financial system to target activities they don’t like but haven’t been able to ban through law. That’s a game anybody can play.
“Some executives in private discussions have flagged concerns that it could lead to the creation of more codes that could be used to crack down on controversial businesses such as abortion providers,” The Wall Street Journal reported.
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