Dear Friends, Declan McCullagh, over at Wired, sent through this message to his Politech list. Those of you who are not subscribed to Politech can see at the bottom of this post info on how to get subscribed.
It seems that dealing in fiat money and doing bank like things makes PayPal sufficiently bank-like that Louisiana wants a licensing fee. So does NY. Isn't government just the friendliest thing? <grin> And, when these cuddlesome bureau-rats get done with PayPal, you can imagine that Yahoo PayDirect and MSN c2it are next. But, they cannot make such claims against e-gold or against market makers, because state-licensed banks don't handle gold-backed money. <grin> So much for "no state shall...make anything but gold or silver coins a tender in payment of debt." Regards, Jim http://www.Cambist.net/ http://news.com.com/2100-1017-834313.html By Troy Wolverton Staff Writer, CNET News.com February 11, 2002, 5:45 PM PT [...] In a letter sent last week, Louisiana asked the online payments company to cease offering its service to the state's residents until PayPal receives a license from the state, the company said in a regulatory document filed Monday. Although Louisiana residents account for a small fraction of the money sent through PayPal, the state's move could presage other governmental attempts to regulate PayPal's service. [...] But PayPal also faces potential challenges from state banking regulators. During the past two years, California and Idaho have questioned whether PayPal is operating an unauthorized bank. Meanwhile, officials in Louisiana and New York have gone a step further and stated their opinion that PayPal is doing just that. [...] ------------------------------------------------------------------------- POLITECH -- Declan McCullagh's politics and technology mailing list You may redistribute this message freely if you include this notice. Declan McCullagh's photographs are at http://www.mccullagh.org/ To subscribe to Politech: http://www.politechbot.com/info/subscribe.html --- You are currently subscribed to e-gold-list as: archive@jab.org To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
