Like a fleet of ghost ships, Biden-era antitrust actions continue to sail along, creakily sailing a Sargasso Sea of indecision by new Trump-appointed regulators. No one seems to be manning these phantoms. No navy seems willing to scuttle them, either.

These legacy suits from former President Joe Biden against Amazon, Apple, Google, and others continue to drift along. The illogic of these antitrust actions can be seen in the Department of Justice antitrust complaint against Visa for maintaining a “monopoly” over debit networks. This was one of many antitrust actions that came in a spasm before the 2024 election in a desperate attempt by the Biden-Harris team to prove that businesses, not unprecedented levels of federal spending and debt, were responsible for inflation.

It is true that some 60% of debit transactions in the United States run on Visa’s network. Lulu Wang of the Kellogg School of Management at Northwestern, however, reports that the typical Visa debit card transaction costs the merchant only around $0.44 in fees. In September, the Department of Justice alleged that Visa has this market share because it imposes “a web of exclusionary agreements” on........

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