"Circle Internet Financial"? "Jeremy Allaire", their CEO, is speaking. They were established three weeks ago. They have $9 million in capital from a VC.
You guys missed the whole point...
This Trojan Horse Dude spelled it out clearly...
Raise Barriers to Entry from zero to $1-2 million Reg Fees...
Then HIGH ongoing compliance costs... because money is "special".
Every bank and well-financed BTC business wants High Barriers to Entry...
And that is what we will get codified in law by the Govt.
Then they'll methodically shut down all businesses "not in compliance"...
Which is about 99% of the businesses here.
The beginning of the PayPalization of BitCoin.