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Money Transmitters Face Ambiguity in State, Federal Law


Maddy Thompson

Associate Maddy Thompson is published in Law360 for her article “Money Transmitters Face Ambiguity In State, Federal Law." The subject of the article is Venmo, the PayPal-owned mobile payment service. Thompson points out that the service has been the subject of enforcement actions by both federal and state actors, including the Federal Trade Commission, the Texas attorney general and the California commissioner of Business Oversight. After providing an overview of the applicable oversight regime, she concludes that, “Money transmitters are challenged with complying with the laws and regulations of multiple state and federal agencies. The legal regime has not yet caught up with the technological innovations of the industry, and only time will tell how the law will react to these innovations moving forward.”