US proposes barring tech companies from offering financial services
Isn’t a banking license mandatory for a company that offers financial services? And if so, why does it matter what else a company does as long as it lives up to regulations?If it’s problematic that a licensed tech company is offering financial services, isn’t there something wrong with the requirements for acquiring this license?Seems to me that if Facebook lives up to the regulations, it should be allowed to acquire a banking license. And if there’s something problematic about this, the requirements for acquiring a banking license should be changed, and applied to everyone.