Earlier quoted context omitted.
Even the money transmitter play is harder than you'd think (all of what I wrote above is applicable to that class; being a bank is even harder). Since Paypal failed to convince the regulators that they were not an MSB, they are much less likely to let a small fry under the radar.
Cards on the table: I work for a money transmitter "app" headquartered in SF (I say "app" because we still operate in a somewhat speculative niche in the industry) as a software engineer - but I have a degree in law as well. To me the regulatory compliance seems to be an issue with the tech people not properly collaborating with the "banking proper" types (financial services/legal/banking professionals) Note: in "eas…
Happy to chat more offline, I've linked a public key in Keybase to my HN profile, you should be able to do the same and message me there, or just use my key to encrypt your contact details and put that on HN somewhere.