stablecoins

any experts in banking regulation on FC?

Are custodial wallets a gray area for MSB in US law? https://apidocs.bridge.xyz/docs/custodial-wallets

You can replicate 💯 of cash mgmt and spending functions of a bank now using stablecoins. Great for countless reasons

But does it make you a bank?

The Wyoming SPDI looks like an interesting approach

4 licenses issued since 2019, including Custodia and Kraken, but have been blocked from Federal Reserve services

If they only dealt in stablecoins, maybe the approach is viable

andyjagoe.com // denim.vc // tokenizing real-world assets / onchain venture funds @fairmint

The Wyoming SPDI looks like an interesting approach

4 licenses issued since 2019, including Custodia and Kraken, but have been blocked from Federal Reserve services

If they only dealt in stablecoins, maybe the approach is viable

https://grok.com/share/bGVnYWN5_88f2c8c5-e2aa-4e3c-bd57-ed3808a160c3

Bridge + new services for visa/mc credentials that allow direct spending of a stablecoin balance unbundle cash management / spending services from banks

if true, that's a big deal for fintechs / neobanks

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

Bridge + new services for visa/mc credentials that allow direct spending of a stablecoin balance unbundle cash management / spending services from banks

if true, that's a big deal for fintechs / neobanks

https://grok.com/share/bGVnYWN5_a723e8a7-29f5-4462-b8ea-7deccf484076

Current regs treat stables as cryptocurrency.

In the US, cryptocurrency is primarily regulated by state-level money transmitter licenses (which Bridge has). NY state is by far the most aggressive here.

Federal regulation is 1) AML / sanctions 2) securities. Federal regs also apply to banking partners for fiat<>crypto connections like Coinbase has, but not to the crypto companies. That doesn't cover custodial wallets.