this post was submitted on 27 Oct 2023
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Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.
Somehow services like PayPal manage to avoid being regulated like a bank. I'm sure they'll ~~clobber~~ cobble together some potentially unlawful solution and not face any repercussions for it.
I think because they're a payment processor. Banks store large amounts of money, make loans, etc.
It's going to be like a crypto or PayPal wallet where you can store a balance, it's just not insured or regulated like a bank.
I saw an article a while ago where a concerning amount of people were doing that instead of a bank account.
They issue credit and lenders finance this. There's always a bank.