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https://warpcast.com/~/channel/stablecoins
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Andy Jagoe
@andyjagoe
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?
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Dan Romero
@dwr.eth
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.
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Andy Jagoe
@andyjagoe
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
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Dan Romero
@dwr.eth
> if true, that's a big deal for fintechs / neobanks why?
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Andy Jagoe
@andyjagoe
A stablecoin back-end can reduce platform complexity and bank partner risk if you want to provide dollar services globally Also, largest share of card tx fee goes to the issuing bank. No reason fintech couldn't be issuer if it's debit on stables, which means they get the revenue instead
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