The MTA was previously used against companies that simply facilitated marketplaces. I worked for a mobile-ordering startup called GoPago that got hit with a suit over the MTA since we were 'storing currency' (i.e., people paid us money for food that we would then pass on to the merchant that made the food). The only way of getting approval for 'money transfer' was to get a 'Medallion' which took around 18 months.
The MTA was awful, and this appears to be gutting the parts that was applicable to its overreach.
I see a lot of negativity in this comment section about the changes, as CA is moving to change the law to be used to regulate digital currencies which I believe was the original intent of the MTA (not specifically digital currencies, but anything fiat used as currency).
The MTA was awful, and this appears to be gutting the parts that was applicable to its overreach.
I see a lot of negativity in this comment section about the changes, as CA is moving to change the law to be used to regulate digital currencies which I believe was the original intent of the MTA (not specifically digital currencies, but anything fiat used as currency).