New fintechs who want to move money have to obtain a Money Service Business license in every state where they operate. In almost all cases, that means they have to get 48ish MSB licenses (a state or two don't require them). Each one can be both complicated and expensive to obtain and maintain.
This new license would let those fintechs instead obtain a single license (and set of rules, and costs, etc) for nationwide use.
This new license would let those fintechs instead obtain a single license (and set of rules, and costs, etc) for nationwide use.