[mathrando]

> They are creating a dollar substitute and basically running a banking and payments business but without the oversight that anyone else doing a similar kind of business would have.

You could take that word-for-word from the debate that raged after Treasury bailed out the prime funds in 2008.

[tkfu]

Money market funds arguably act like a banking business, but are subject to regulation of their marketing material that obliges them to explain that they're not, and they certainly don't operate like a payments business.

Money market deposit accounts are a different story, and are highly regulated (and secured).

That being said, even if your comparison was accurate "hey, look at this similar business that caused harm and chaos during the last financial crisis" isn't exactly a glowing endorsement, is it?