I'm not sure where $5000 lands on the scale of bank application fees but I am always super wary when legislators try to restrict Bitcoin. It really won't do much except hamper innovation and restrict startups.
Yeah, but the thing is, BTC startups need to have some clear regulation or NO regulation. Right now it exists somewhere in the middle and the problem is no banks will do business with BTC companies. No credit card processors will touch them either. It's impossible to have a BTC company without a bank. Right now they're regulated like money transmitters which means you need to be a registered money transmitter in all 50 states to run a successful business. It's WAY expensive to do. HUGE barrier to entry.
I agree. Another problem (which seems to be a running theme in politics nowadays) is politicians have little understanding of these technologies they are trying to legislate and are causing bigger headaches because of this.