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Acting Comptroller of the Currency Michael Hsu called the lack of federal money transmitter licensing standards a "gap" in regulation, opening the country up to potential financial instability. As things are currently, companies aiming to move money across the entire U.S. must collect a patchwork of 49 state money transmitter licenses, each with a different level of difficulty.
"In payments, I believe the lack of a comprehensive federal money transmitter regime is a regulatory gap that, if filled, could better balance innovation and financial stability," he said in the talk at Vanderbilt University. "A better solution would be for Congress to create a federal framework for payments regulation."
https://www.axios.com/pro/fintech-deals/2024/02/22/occ-calls-federal-money-transmitter-license
