A $45 million multistate settlement against Block for inadequate fraud controls on Cash App sets a concrete enforcement benchmark: state attorneys general are now willing to coordinate at scale to impose liability on P2P platforms that lack BSA/AML and consumer protection parity with licensed money transmitters. For operators running peer-to-peer rails, this redraws the compliance floor — fraud monitoring and dispute resolution infrastructure are no longer differentiators, they are regulatory table stakes with quantified downside.