[13855] in Cypherpunks
Re: Makeing MagicMoney worth something.
daemon@ATHENA.MIT.EDU (Perry E. Metzger)
Wed May 18 11:43:41 1994
To: hughes@ah.com (Eric Hughes)
Cc: cypherpunks@toad.com
In-Reply-To: Your message of "Tue, 17 May 1994 22:17:00 PDT."
<9405180517.AA05379@ah.com>
Reply-To: perry@imsi.com
Date: Wed, 18 May 1994 08:27:31 -0400
From: "Perry E. Metzger" <perry@imsi.com>
Eric Hughes says:
> If the value transferred is liquid, and the payment is made upon
> demand, then, in fact, you are a bank, regardless of what else you
> might call yourself. This is the case in the USA. Canada certainly
> varies, as does the rest of the world.
Well, there is ONE subtlety -- entities like mutual funds and
securities broker/dealers are not considered banks qua banks under
American law -- they are, of course, even more stringently
regulated anyway. There are various subtleties that say whether you
come under Fed or under SEC regulation.
Perry
