> I think of 'banking licence' as being synonymous with 'deposit-taking licence', but the SPDI isn't that. As I understand it, crypto-currencies are treated by

> I think of 'banking licence' as being synonymous with 'deposit-taking licence', but the SPDI isn't that. As I understand it, crypto-currencies are treated by the SEC like commodities, not cash, and your original comment... > ... SPDIs seems less like banks (which borrow from depositors) than to safe deposit box operators (which provide a place where depositors can keep valuables they don't want disturbed). ... makes sense since in a crypto-currency-as-commodity world the wallets would be treated more like safe deposit boxes than bank accounts.