Money transmitter and payment service provider licenses have practically zero regulatory volatility. The last major regulation was PSD2 and that one essentially

Money transmitter and payment service provider licenses have practically zero regulatory volatility. The last major regulation was PSD2 and that one essentially just mandated something that has been standard for years. There is not much potential for regulatory change for a license that grants you nothing but to be able to temporarily hold customer funds during payment processing. The only regulations that are volatile are the ones relating to banking because for some stupid reason, regulators think it is a good idea to grant banks a kitchen sink license that lets them get away with anything, which in turn means that the regulators have started a cat and mouse game but that one is their own fault. If the kitchen sink licenses were separated so that non banking institutions could perform some of these tasks there wouldn't be so much trouble. A lot of the problems stem from the fact that banks aren't earning enough from their payment processing business and therefore to earn money off of providing basic accounts they need to go for investments with high risks to subsidize that part of the business which then jeopardize deposits and makes them vulnerable to being taken hostage and getting bailed out.