While the cryptocurrency industry may see Apple and PayPal as competitors, those two tech companies are among a group pushing for regulatory reforms in the US that could provide a boost to the nascent industry.
For those that missed the news, Apple and PayPal have joined forces with Google, Amazon and Intuit in Washington, DC, to push for reforms to spur innovation in the financial system. Notably, a core item on their agenda is a federal money transmission license that would supersede the existing state-by-state regime.
Further, Financial Innovation Now (FIN), the lobby group representing the five companies, sent a letter to the Senate Banking Committee last month proposing a series of recommendations that, among other items, called for the establishment of a national money transmission requirement to be managed by the Treasury Department.
“Consumer protection is a critical part of payments regulation, but it makes no sense for different states to regulate digital money differently from one state to another,” the letter explained.
Brian Peters, executive director of FIN, stressed to CoinDesk the group is taking the money transmission issue seriously and is seeking a legislative solution.
“This is a top priority for us. We’re proactive pushing for it and we are serious about legislating this.”
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