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The gateways are expected to be run primarily by Stripe? :-)

From what I understand, the bitcoin network could be a gateway so if you want to exchange bitcoin that would not require any regulation hell. If you want to exchange fiat money, that would. But that will always be the case even without stellar.

This is something they unfortunately do not address, but it's the biggest problem with such systems and a major part of the reason Ripple hasn't caught on.