Of course we only have one side of the story here, and considering that that side is self-evidently crazy, it's hard to take it very seriously.
I'm all in favor of regulations to prevent outright theft and fraud of a great deal of the public's money with no accountability. Gift card companies are repeatedly defrauding the public. Money transfer companies are repeatedly defrauding the public. Bitcoin gateways are repeatedly defrauding the public. I don't give a shit if you think the Man is keeping you down; you're trying to put your business risk (and perhaps your actual intent to defraud, but ABSOLUTELY your business risk) onto the public, and for some reason you think you're entitled to do so.
Your business risk ought to be borne by you, which means requiring you to get a big fat surety bond before you start handling large amounts of public money, so that when you fuck up your company (or intentionally bail with all their cash), the public isn't left holding the bag for you. Too damn bad.
What about small amounts of public money, as startups will inevitably start with?
Surety bonds only cover the licensed companies. Consumers are still at considerable risk as long as not everyone has a license. And usually the fraudsters aren't the first in line at the DFI with all of the required forms and audits.
I'm all in favor of regulations to prevent outright theft and fraud of a great deal of the public's money with no accountability. Gift card companies are repeatedly defrauding the public. Money transfer companies are repeatedly defrauding the public. Bitcoin gateways are repeatedly defrauding the public. I don't give a shit if you think the Man is keeping you down; you're trying to put your business risk (and perhaps your actual intent to defraud, but ABSOLUTELY your business risk) onto the public, and for some reason you think you're entitled to do so.
Your business risk ought to be borne by you, which means requiring you to get a big fat surety bond before you start handling large amounts of public money, so that when you fuck up your company (or intentionally bail with all their cash), the public isn't left holding the bag for you. Too damn bad.