Just to clarify here: based on my not insignificant research on this issue, this $25 million bond is the approximate total cost of the bonds for each state that requires money transmitters to hold a license and a bond. It's not a federal requirement.
In fact, as far as I can tell, federal FINCEN compliance doesn't cost anything beyond the cost of the accounting tools to maintain that compliance (which can be very expensive to buy or develop, to be fair).
Disclaimer: I am not a lawyer and this is not legal advice, only a conversational comment on the Mt. Gox affair.
> Just to clarify here: based on my not insignificant research on this issue, this $25 million bond is the approximate total cost of the bonds for each state that requires money transmitters to hold a license and a bond. It's not a federal requirement.
As I understand it, it is federal requirement that they be licensed by each state into or out of which they will transmit money, but the actual licensing requirements are set state-by-state.
In fact, as far as I can tell, federal FINCEN compliance doesn't cost anything beyond the cost of the accounting tools to maintain that compliance (which can be very expensive to buy or develop, to be fair).
Disclaimer: I am not a lawyer and this is not legal advice, only a conversational comment on the Mt. Gox affair.