They do have a monopoly license on the tax dollar, and they resell that service. But otherwise, they are nothing but a ledgered banking network, free as a bird as long as their is strict separation from their tax business. They are an association of bankers who make correspondent bank agreements, nothing in that is part of the monopoly.
As such, they are free to form the secured fiat banking network, utilized their market share and expand across all contractual markets. They can segment the Fed Wire, make sure the ins and outs are neutral within specified risk. Giving them freedom partitions them from the FedWire board, the entity that negotiates the inflation tax and sets other limits on Fed Wire.
Fiats can store secured ledger keys for bitcoin, for a fee. They can exchange on and off the block chain with Fed Wire. Run Solidiy and Viper nodes as part of their fiduciary, make stable coin. They can even shard off a Bitcoin account and resell reusable bitcoin cash for local use with exiting POS systems. No compete clauses are out.
Congress is free to regulate them, not the Fed Wire board. And Congress is free to tax any one of those other coins and drop the monopoly license fees.
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