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173 sats \ 7 replies \ @SimpleStacker 25 Jan \ on: Will Trump End The Need For Cowboy Credits? meta
I hope for it, but I don't think it's likely. They'd have to create some carveout for the definition of a money transmitter, and the finance bros + national security bros will all come out against that.
definition of a money transmitter
Not that I disagree with you, but I think there can be common-sense application. Lets start by asking: What is a money transmitter?
If I walk into a shop and pay someone $5 to send $100 to you, then yes that person probably needs to be licensed otherwise the threat of me losing my funds could be quite high....
No one is "hiring SN to transmit money" though. Our primary use of this website is to communicate with each other and fund new and creative content. The fact that some of our content also gets funded does not magically transform SN into being a "money transmitter".
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In the case of SN, the money transmitter rule, not that I loved it, was fine. It wasn't until a criminal prosecution changed FINCEN's own guidelines.
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But why people do not ask the important question: Why do I need any license to move my own money as I want?
WHERE THE FUCK IS THE PERMISSIONELESS OF BITCOIN IF WE BEG THE GOV TO LET US USE BITCOIN?
This meme never get old
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Huh, interesting. I'd love to read more about that, is there an article or something you'd recommend to learn more about what happened?
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This is a good article
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Thanks. It seems like a pretty bad decision. Looks like it was reversed recently?
Also, sounds like the decision in the article would've put SN on blast, even with the new cowboy credits system, because the decision said that you didn't need to actually have control of your customer's funds in order to be considered a money service business.
crazy times
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I'll dig something up. I posted about it a lot, but I think the best articles came from The Rage. I'll look for links.
Here's one of my posts, but I think there are better links
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