In addition to Ron's excellent summary, if you're not yet convinced but still interested as to why the MTA should be repealed--and it definitely should--it's a long and sad tale. (As I've said other places, I'm personally not against uniform, reasonable regulation at the federal level, but the MTA is the wrong way to do it for so many reasons.) Bits and pieces can be found here:

Think White Paper (Broad Overview)

Held Hostage - http://www.thinkcomputer.com/corporate/whitepapers/heldhosta...

Think Legislative Comments (Extremely Detailed)

November 7, 2012 - https://s.facecash.com/legal/20121107.dficomment.pdf

February 25, 2013 - https://s.facecash.com/legal/20130225.packetnumbered.pdf

Personal Essays

May 10, 2011 - In Fifty Days, Payments Innovation Will Stop In Silicon Valley - http://www.aarongreenspan.com/writing/essay.html?id=54

June 1, 2011 - In Thirty Days, Payments Innovation Will Stop In Silicon Valley - http://www.aarongreenspan.com/writing/essay.html?id=59

June 14, 2011 - Why I'm Furious with Silicon Valley - http://www.aarongreenspan.com/writing/essay.html?id=60

July 20, 2011 - The California Law That Should Send The President and Fellows of Harvard College (and Every Private University) To Prison - http://www.aarongreenspan.com/writing/essay.html?id=62

December 5, 2011 - Why I'm Suing the State of California - http://www.aarongreenspan.com/writing/essay.html?id=73

July 16, 2012 - Naked Regulation: Capital Requirements Don't Work - http://www.aarongreenspan.com/writing/essay.html?id=77

July 23, 2012 - Hypocrisy Comes Full Circle: Money Transmission Meets Campaign Finance - http://www.aarongreenspan.com/writing/essay.html?id=78

February 13, 2013 - In Nine Days, the California Money Transmission Act Could Get Even Worse - http://www.aarongreenspan.com/writing/essay.html?id=86

FaceCash Lawsuit (Think Computer Corporation v. Venchiarutti, et al)

http://www.plainsite.org/flashlight/case.html?id=716056

http://www.facecash.com/legal/brown.html

MoneyGram USDOJ Lawsuit (USA v. MoneyGram International, Inc.)

http://www.plainsite.org/flashlight/case.html?id=2334104

Square, Inc. Cease & Desist Letter (Illinois)*

http://www.idfpr.com/dfi/CCD/Discipline/SquarePersonifiedCDO...

* Not directly related to the MTA, but illustrative of how even licensure under the MTA for a California company with a former Secretary of the Treasury on its Board, good lawyers, and a very wealthy founder is not enough to comply and avoid violating federal law.

18 U.S.C. § 1960

http://www.plainsite.org/laws/index.html?id=14426