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Re: [Ledger] Bootstrapping Interledger

From: Andrew Bransford Brown <andrewbb@gmail.com>
Date: Wed, 9 Nov 2016 15:30:20 -0500
Message-ID: <CAPS+YF+YjFb3iEMN_0Xq2tx_Hx428YX=XscsXktT=kW54Td40g@mail.gmail.com>
To: Tony Arcieri <bascule@gmail.com>
Cc: Tom Haas <tjhaas@gmail.com>, ledger@ietf.org, Interledger Community Group <public-interledger@w3.org>
If you focus on a stock market, the software will work for currencies as
well.  The code is identical.  See my attachment.

In Texas, a stock exchange license is $10,000.  A currency exchange license
is $5,000.  There are net worth requirements and background checks, but it
is as simple as applying for a license.

Incorporate in Texas.
Raise some capital for ownership.
Apply for the licenses.
It's that easy.

Andrew B. Brown
(512) 947-8282

On Wed, Nov 9, 2016 at 2:59 PM, Tony Arcieri <bascule@gmail.com> wrote:

> On Wed, Nov 9, 2016 at 11:42 AM, Andrew Bransford Brown <
> andrewbb@gmail.com> wrote:
>> 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

(image/png attachment: PromiseLanguage.png)

Received on Wednesday, 9 November 2016 20:30:53 UTC

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