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

RE: "the technology should not intentionally circumvent laws and
regulations"

Nor inadvertenty.

Joseph

On Thu, May 7, 2015 at 8:57 AM, Adrian Hope-Bailie <adrian@hopebailie.com>
wrote:

> p.s. To emphasize my first point, a quote from the article above: "Ripple
> Labs will improve the tools being used to analyze transactions on the
> protocol — but the protocol itself remains unchanged."
>
> On 7 May 2015 at 14:55, Adrian Hope-Bailie <adrian@hopebailie.com> wrote:
>
>> Joseph,
>>
>> I agree with you that the legalities surrounding payments are important
>> to our work but I would only say so to the point that the technology should
>> not intentionally circumvent laws and regulations and provide mechanisms
>> for regulators to be able to do their jobs.
>>
>> Wrt the Ripple Labs case, I think this article provides a more balanced
>> view on the matter than many of the click-bait headlines that have been
>> doing the rounds:
>> http://www.americanbanker.com/news/bank-technology/what-ripples-fincen-fine-means-for-the-digital-currency-industry-1074195-1.html
>>
>> Personally, I think the first (and only when I looked) comment on the
>> article Tim linked to above says it all.
>>
>> In many respects, this is a sign that the traditional finance and
>> payments industry is waking up to the reality that digital currencies and
>> the amazing technologies that are emerging on the back of them are not just
>> a passing fad and are starting to take them seriously (either as threats,
>> opportunities or both).
>>
>> Adrian
>>
>> On 7 May 2015 at 14:19, Joseph Potvin <jpotvin@opman.ca> wrote:
>>
>>> 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
>>>
>>
>>
>


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