[flyingfences]

If this turns into an open-source and independent application/enterprise then it could be quite interesting and maybe even good. Unfortunately, I'm fully expecting the end result (if this proposal even goes anywhere) to be a heap of state-run opacity. There's no way I trust the State of New York with my money.

[teilo]

I think the more likely scenario is that NY would contract the transactional system out to some company, and force banks to setup special account types that interact with the system, and pay licensing fees for using it. And setup a clearing house to enable end users to get accounts from the participating banks.

And "force" is more hyperbole. It goes without saying that the banks will not pass up the an opportunity to add a significant amount of cash to their reserves, and will lobby heavily for it.