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

+1 true (hence, to your point, the need to at least be informed by the
regulatory environment, if not driven)

On 7 May 2015 at 15:22, Joseph Potvin <jpotvin@opman.ca> wrote:

> 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
>