The author's argument is that the US's "Know Your Customer" regulation is the bottleneck. In his words: "KYC since it was introduced in the late 90s as a requirement has been the single most destructive concept for innovation and startups in the financial space."
Regarding the lack of competition, I found this article very interesting:
http://stakeventures.com/articles/2008/07/22/the-man-finally...
The author's argument is that the US's "Know Your Customer" regulation is the bottleneck. In his words: "KYC since it was introduced in the late 90s as a requirement has been the single most destructive concept for innovation and startups in the financial space."