He plans to ignore those regulations, quite obviously. He’s been ignoring laws and regulations in every company he touches. There’ll be about a month where a whole lot of money get scammed/lose access to their funds due to his mismanagement, then the federal government (actually, probably more than one government) will threaten to shut him down. Then he’ll make some token gesture to obey the law. The government will back off, but the new platform will collapse anyway and he’ll quietly pull the plug, hoping it won’t show up in a news cycle.
arc@lemm.ee 8 months ago
There are plenty of online banks that do all the stuff people want. So good luck with that. And enjoy all the hideously complex finance regulation & legal obligations that varies from one location to another.
xantoxis@lemmy.world 8 months ago
eestileib@sh.itjust.works 8 months ago
Interesting tension there between “rich white assholes are above the law” and “don’t fuck with rich people’s money”.
SBF found himself on the wrong side of that one…
HerrBeter@lemmy.world 8 months ago
He emulated a crypto version of bank and hedge fund, but for some reason failed to see that he had to stay solvent when the FED can’t save him.
Krauerking@lemy.lol 8 months ago
Yup, and he will either use all the cash that people throw at him to run a stock scam or crypto scam agaim and hope to keep those profits by the time people come for the money.
It’s like he’s running a short against all of his own followers. Tactics like a scummy scam artist. A pyramid scheme without the pyramid…
It’s insane what influence actually will buy you if you have enough of it.
Pieisawesome@lemmy.world 8 months ago
Most of those online only banks subcontract out the banking part to a real bank
arc@lemm.ee 8 months ago
I have a Revolut account and they’re an actual bank these days in the EU but not a bank in other places like the UK where they’re still waiting for a licence. N26 is also a proper bank in Europe.
I think it would be madness to use a bank which is not a bank since if the platform collapses then you have no guarantees on your personal savings and the platform could be doing all kinds of shady shit a la FTX because they are not audited or regulated like a bank would be.
I should also mention that while Revolut is a bank now, I sometimes get grief with it. e.g. I went to collect a car rental in the UK and the desk point blank refused the my Revolut card exclaiming it’s a prepaid card when it was actually a Mastercard Debit, a world elite one no less. Didn’t do me any good to argue though because they had some dumb rule and they stuck to their guns.
0x0@lemmy.dbzer0.com 8 months ago
Even Apple with its $165 billion cash reserves opted out of becoming a bank to create the Apple Card. They have Goldman Sachs to do the banky stuff. I can’t imagine trying to do this with X’s resources.