[bell-cot]

> How did Visa & Mastercard manage...

I'd bet a combination of:

- Got through before the red tape ramparts were nearly as thick as today

- Ungentle arm-twisting by the US Gov't... at Visa & Mastercard's behest

- Amply greased palms... which can't be traced to Visa or Mastercard. At least not in any jurisdiction which would do anything about it.

[imtringued]

You forgot the part where there is a bootstrap problem for any fintech.

You need the appropriate license to make money, but you can only get that license if you already have enough money.

On top of that is a requirement that basically demands that you have employees in charge that have worked and gained job experience at the established businesses.

This is good for stability, but it also means that innovation gets nibbed in the bud.

[bell-cot]

???

Neither my comment, nor the prior one, had anything to do with fintech.

Concerning "innovation" in financial systems, done by relative outsiders, with little experience or incentive to keep the system stable: Given the track record, I'd argue that such innovations should either be outright banned, or limited to some tiny percentage of the relevant financial market. The world does not need more FTX's.