[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.