The problem with this type of ruling is that it prevents new and innovative financial services from springing up which (if allowed to exist) might supercede the present financial system. It's not as if the present system is perfect.
Having said that, there are sensible reasons for regulating companies in the financial industry, for example preventing unsophisticated customers from losing lots of money.
And that's precisely why they will be always shut down. Government hates competition. Gov also shut down Liberty Dollar which was a commodity-backed currency.
Having said that, there are sensible reasons for regulating companies in the financial industry, for example preventing unsophisticated customers from losing lots of money.