The anti-porn conspiracy
If CEOs are increasingly acting as the fourth branch of government, then they certainly seem to have a moralistic streak, going much further than the law requires in terms of staying well away from porn.
Why it matters: Pornography and the production of sexually explicit material is entirely legal as far as the government is concerned — but it's also shunned by almost all of the business establishment. That makes a huge difference for its practitioners.
Driving the news: OnlyFans has become one of the fastest-growing social networks in the world, with extremely impressive financials. Were it not in the porn business, it would be fighting off VCs desperate to invest at a multi-billion-dollar valuation.
- Instead, OnlyFans is struggling not only to raise funds but also to maintain healthy relations with the creators on its platform, who are deeply suspicious of the company after its badly-explained and abortive attempt to ban porn on the site.
- OnlyFans CEO Tim Stokely, in an interview with the FT, initially said that the business "had no choice" but to ban porn, blaming banks in general and BNY Mellon in particular. But the move looks more like an ill-thought-through attempted pivot away from porn and towards a business model with lower costs and greater opportunities for VC-fueled growth.
- Mainstream U.S. companies like eBay and Tumblr are implementing increasingly strict anti-porn policies, much to the annoyance of sex workers and historians.
- State of play: Porn companies pay much higher fees and face much higher obstacles than most merchants to access basic payment services, and are banned entirely by many finance companies including Stripe and American Express. Porn performers, similarly, find it very difficult to open bank accounts.
- Twitter hosts a thriving porn community, but the company hides it well to most users, and there's a constant fear that it, too, could be banned at any time.

OnlyFans and the business establishment's anti-porn conspiracy
Pornography is entirely legal but it's also shunned by almost all of the business establishment.
