Is this another failure of the US government to provide one of the most basic protection to its citizens? Normally the government should establish rules that prevent this sort of thing to happen.
This is a new problem created by the rise of very complex fintech companies using middlemen to handle transactions. The FDIC is proposing a new rule to require better record keeping to try to prevent issues like this in the future.
I would say that normally, to face "very complex fintech" the goverment should set a solid set of fundamental rules that ensure security for the people, then it should ensure seriously that they are respected. That should be something like, "do whatever creative fintech you want as long as you respect these rules".
It seems to me that not creating and enforcing such a system of rules, or doing poor rules that leaves doors open for abuse or errors, is a failure of the government and of the political estabilishment.
It isn't the government's job to stop people from being stupid with their money. Go look at https://www.withyotta.com/. It is literally a gambling site. If people want to put their life savings in there then, well, that's on them.
UltraSane|1 year ago
https://www.fdic.gov/news/press-releases/2024/fdic-proposes-...
frankohn|1 year ago
It seems to me that not creating and enforcing such a system of rules, or doing poor rules that leaves doors open for abuse or errors, is a failure of the government and of the political estabilishment.
mosdl|1 year ago
JohnFen|1 year ago
paxys|1 year ago
dangrossman|1 year ago
https://web.archive.org/web/20200630201639/https://www.withy...
The idea was just an online bank that paid interest on savings in the form of raffle tickets.