In Fifty Days, Payments Innovation Will Stop In Silicon Valley
Doesn't all regulation stifle innovation?  If I wanted to sell a homes in a skyscraper made of papier-mâché, building codes would prevent me from doing that. But that's not necessarily a bad thing: the first time someone leaves their soldering iron on while they're not using it, the building burns down and we have five hundred dead families on our hands.  "Innovators" tend to think about the good aspects of their ideas rather than potential downsides, so the government has stepped in to prevent the downsides from being too bad.<p>In this case, the government is saying, "make any new innovative money transmission system you want, but keep $100,000 in an account so when you fuck up someone's paycheck, they can sue you and you can pay the damages you owe."  Not too unreasonable.<p>Regulation is bad for businesses individually, but it's good for society in aggregate.  Progress may be slowed, but it's still happening and happening with fewer horror stories along the way.