I actually agree with the Clearing Houses' view. To have some but not all players in this industry categorized to avoid the regulatory requirements that many companies in Payments already have is a handicap to those company.

Leveling the playing field means that all companies in payments are held to the same standards. Is it fair for Stripe to be able to board merchant without the same level of KYC/CIP Programs as a traditional Merchant Processor/Acquirer? Absolutely not. And in fact, they are also putting banks in jeopardy because they are not doing the same checks that everyone else is mandated to do.