Because entrepreneurs shouldn't have to worry about federal prison just for thinking about starting a payments company (see proposed section 2155 of AB 786).
So your plan is basically to take in a bunch of money from the public, and then steal it, and you object to the government trying to make that difficult for you to accomplish?
The "what and the why" are missing from both the page linked to, and the first link in the page. I define "missing" as "not easily found while skimming".
it looks like its basically an anti-competitive law that requires a $500,000 license to be any sort of payment processor in California. The law was pushed through by a lobby group of existing big name financials companies.
6 comments
[ 9.4 ms ] story [ 30.3 ms ] threadMore reasons:
http://news.ycombinator.com/item?id=5308013
some recent developments http://www.aarongreenspan.com/writing/essay.html?id=86