A new peer-reviewed paper by Benjamin Lo from Yale Law school launches a scathing attack on the current Balkanized regulatory system in the United States arguing that it is killing innovation.
The paper analyzes state money transmitter laws, noting there is federal level regulation through FinCEN which is generally reasonable. At state level, however, the paper says “definition of money transmission is almost unconstrained… there are no limitations based on transaction size or medium” and “jurisdiction is asserted broadly.”
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