Re: FYI: US authorities throw the book at Ripple Labs

RE: "“Innovation is laudable but..."

Official notices here:
http://www.fincen.gov/news_room/nr/html/20150505.html
http://www.fincen.gov/news_room/nr/pdf/Ripple_Facts.pdf

For a W3C context, it's worth considering that this involves just one of
the multitude of legal jurisdictions. This is why, in my post to this list
yesterday entitled "Ongoing alignment of W3C Web Payments specification
development to other in-scope global standards",  I referred to the fully
global multi-jurisdictional forum which works at the 'root' level of
e-commerce law, maintaining a set of so-called model laws:
UNCITRAL WG IV: Working Group IV: Electronic Commerce, United Nations
Commission on International Trade Law
http://www.uncitral.org/uncitral/en/commission/working_groups/4Electronic_Commerce.html

It's not a matter of going-all-legal, so to speak. It (usually) not very
difficult just to take the legal parameters as business architecture
documentation. Not doing so creates deep architectural bugs that inevitably
result in cases like this one against Ripple Labs. These scenarios suck
valuable resources and mindshare out of otherwise brilliant initiatives.

Joseph Potvin



On Thu, May 7, 2015 at 4:57 AM, Timothy Holborn <timothy.holborn@gmail.com>
wrote:

> FYI...
>
> "Ripple Labs has been fined $700,000 by the US Financial Crimes
> Enforcement Network (FinCEN) in the first successful civil enforcement
> action against a virtual currency exchange."
>
> SOURCE: http://www.finextra.com/news/fullstory.aspx?newsitemid=27314
>
>


-- 
Joseph Potvin
Operations Manager | Gestionnaire des opérations
The Opman Company | La compagnie Opman
jpotvin@opman.ca
Mobile: 819-593-5983