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Re: [Ledger] Bootstrapping Interledger

From: Tony Arcieri <bascule@gmail.com>
Date: Wed, 9 Nov 2016 11:59:53 -0800
Message-ID: <CAHOTMVLyaKeMUGcb6MGq3edTdJsR4N7=0TtjRY-ETGMYHOdE2g@mail.gmail.com>
To: Andrew Bransford Brown <andrewbb@gmail.com>
Cc: Tom Haas <tjhaas@gmail.com>, ledger@ietf.org, Interledger Community Group <public-interledger@w3.org>
On Wed, Nov 9, 2016 at 11:42 AM, Andrew Bransford Brown <andrewbb@gmail.com>

> I'd suggest a State exchange to avoid SEC regulations while building the
> market.  Once you cross state lines, then pass the SEC regs.

It's a little more complicated than that. Individual states within the US
have their own money transmitter laws, which often apply to money transfers
within the state in addition to transfers between states or countries.

Setting up a test network with a fake currency that has no actual value
sounds ok, but if you are moving real money, even within a single state
(state laws providing), you'll want to have a money transmitter license
before you do so. For transmitting money between states, you'll need
licenses for every state you plan on operating in.

Tony Arcieri
Received on Wednesday, 9 November 2016 20:00:46 UTC

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