have any MURICAN🇺🇸🏈🦅 bitcoin bros thought about the following:
is it conceivable that an extremely bitcoin-friendly state legislature (Wyoming? Texas? Florida?) could create a regulatory environment to allow for USD-based fully reserved banking that simply has no connection to the federal reserve system or any federal regulatory agencies?
so Custodia or The Narrow Bank, but presumably needing to keep business in-state?
if so, could it work mechanically? you’d obviously be cut off from FedWire but what about ACH? it could conceivably issue and acquire for card networks too via whatever clearinghouse options work mechanically, unless political pressure cuts this off? but then, if the starting point is friendly regulation, surely part of that could be: “listen up, VISA, either you let AllenBancorpOfWyoming in or you GTFO our state”?
this can go in a bajillion directions, so any and every thought entirely welcome. please also tag whoever you think would have interesting thoughts. I’ll start with willcole (npub1du6…yf3c), leishman (npub139n…kwf4), and LynAlden (npub1a2c…w83a) … what do you all think?
allen / I identify as a layer 2
npub1sf…2ymqt
2023-03-14 10:49:09
Author Public Key
npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqtPublished at
2023-03-14 10:49:09Event JSON
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"created_at": 1678790949,
"kind": 1,
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"content": "have any MURICAN🇺🇸🏈🦅 bitcoin bros thought about the following:\n\nis it conceivable that an extremely bitcoin-friendly state legislature (Wyoming? Texas? Florida?) could create a regulatory environment to allow for USD-based fully reserved banking that simply has no connection to the federal reserve system or any federal regulatory agencies?\n\nso Custodia or The Narrow Bank, but presumably needing to keep business in-state?\n\nif so, could it work mechanically? you’d obviously be cut off from FedWire but what about ACH? it could conceivably issue and acquire for card networks too via whatever clearinghouse options work mechanically, unless political pressure cuts this off? but then, if the starting point is friendly regulation, surely part of that could be: “listen up, VISA, either you let AllenBancorpOfWyoming in or you GTFO our state”?\n\nthis can go in a bajillion directions, so any and every thought entirely welcome. please also tag whoever you think would have interesting thoughts. I’ll start with #[0], #[1], and #[2] … what do you all think?",
"sig": "08ea87437c654ecb0ba516a4047866eba72e478f2535c30c72e5718674e810d5ad2520abd38466ec8aeb717d865a6b4403a00ab9788fc0341a96480edc63b08b"
}