Tech's core regulatory proposition is "it's not a crime if we do it with an app." It's not an unlicensed taxi if we do it with an app. It's not an illegal hotel room if we do it with an app. It's not an unregistered security if we do it with an app. It's not wage theft if we do it with an app.
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@pluralistic Exactly. Add banking with an app is "shadow banking" and therefore exempt from the law. Forget the attitude of fake-it-till-you-make-it tech sector. The real problem is an easily distracted federal government in the US that either says "Well it must be exempt from law if it's not brick and mortar," or "We need to pressure these apps into enforcing our laws since government can't and won't."
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