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of promoting your business without promoting your business," Olson said, noting
of promoting your business without promoting your business," Olson said, noting ing with officials in Washington, ng with officials in Washington,
that her quarterly e-newsletter, loaded with practical tips, attracts business.
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that her quarterly e-newsletter, loaded with practical tips, attracts business. Patrick Murck, General Counsel for atrick Murck, General Counsel for
Bitcoin Foundation, and founder and
Bitcoin Foundation, and founder and
Creating an online community similar to Trustwave's may be a good idea
Creating an online community similar to Trustwave's may be a good idea Principal of Engage Legal PLC, said,
Principal of Engage Legal PLC, said,
for ISOs, but Olson believes payment companies can take it a step further.
for ISOs, but Olson believes payment companies can take it a step further. "Our hope is that this is the beginning
"Our hope is that this is the beginning
"If I'm an acquirer or an ISO, why limit it to PCI?" she said. "Why aren't you making of an open and transparent dialogue
"If I'm an acquirer or an ISO, why limit it to PCI?" she said. "Why aren't you making
of an open and transparent dialogue
a customer community that helps them with PCI, problems closing their batches at between good-faith stakeholders to
a customer community that helps them with PCI, problems closing their batches at
between good-faith stakeholders to
the end of the day, dealing with chargebacks, and all kinds of business and opera- find common ground and develop
the end of the day, dealing with chargebacks, and all kinds of business and opera-
find common ground and develop
public-private partnerships."
tional issues that maybe traditionally have been done through a call center?" public-private partnerships."
tional issues that maybe traditionally have been done through a call center?"
Olson added that any number of customer service functions can be integrated
Olson added that any number of customer service functions can be integrated An early signal that further federal
An early signal that further federal
regulatory action could be immi-
into a social media platform to deliver more value to the end customer. And regulatory action could be immi-
into a social media platform to deliver more value to the end customer. And
nent came from the Financial Crimes
investing time to keep the conversation two-way can go a long way toward
investing time to keep the conversation two-way can go a long way toward nent came from the Financial Crimes
strengthening customer relationships. Enforcement Network, which intro-
strengthening customer relationships.
Enforcement Network, which intro-
duced a preliminary set of guidelines
duced a preliminary set of guidelines
Bitcoin Foundation opens pens
Bitcoin Foundation o in March 2013 that would regulate
in March 2013 that would regulate
virtual currencies, including a provi-
virtual currencies, including a provi-
dialogue with Fed
dialogue with Fed sion for certain bitcoin businesses to
sion for certain bitcoin businesses to
register with the U.S. government.
register with the U.S. government.
Finding middle groundding middle ground
Fin
I seeking to standar P
n
n late August 2013, members of Bitcoin Foundation, an organization late August 2013, members of Bitcoin Foundation, an organization
Payment attorney Paul Rianda ayment attorney Paul Rianda
seeking to standardize the crypto-currency bitcoin, met with federal dize the crypto-currency bitcoin, met with federal
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believes federal regulation of new elieves federal regulation of new
regulators, policymakers, law enforcement officials and congressional egulators, policymakers, law enforcement officials and congressional
r
currency schemes is only a matter urrency schemes is only a matter
c
of time. "I t
cies, which are increasingly under scrutiny by state and federal authorities. ies, which are increasingly under scrutiny by state and federal authorities.
c I staffers. The ensuing discussion focused on the future of digital curren-staffers. The ensuing discussion focused on the future of digital curren- of time. "I think they're going to hink they're going to
I In a statement to digital currency news outlet CoinDesk prior to meet-n a statement to digital currency news outlet CoinDesk prior to meet- c come in and regulate this sooner or ome in and regulate this sooner or
later," he said. "Some of the states ," he said. "Some of the states
later
h
have been doing it. Now the feds ave been doing it. Now the feds
ar
are looking to do it." California and e looking to do it." California and
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New York both issued subpoenas ew York both issued subpoenas
and cease-and-desist letters to bitcoin letters to bitcoin
and cease-and-desist
exchanges, claiming that such busi-xchanges, claiming that such busi-
e
nesses may be engaged in unlicensed y be engaged in unlicensed
nesses ma
mone
money exchange operations.y exchange operations.
H
However, too much regulation could owever, too much regulation could
j jeopardize digital currencies, restrict-eopardize digital currencies, restrict-
ing them to "darker parts of the ng them to "darker parts of the
i
Internet," said Joseph Arthur, Vice
Internet," said Joseph Arthur, Vice
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President, Operations at RocketPay resident, Operations at RocketPay
LLC. "Bitcoin/digital currencies, gital currencies,
LLC. "Bitcoin/di
while a concern, are no threat to the
while a concern, are no threat to the
Federal Reserve System from a desta-ederal Reserve System from a desta-
F
bilization perspective. Bitcoin can be
bilization perspective. Bitcoin can be
viewed as a complementary currency
viewed as a complementary currency
to the United States dollar or the o the United States dollar or the
t
European euro, not the next step in
European euro, not the next step in
the evolutionary process."
the evolutionary process."
Arthur added that bitcoin is a poten-
Arthur added that bitcoin is a poten-
tially dynamic currency, as it is open lly dynamic currency, as it is open
tia
source, person-to-person, mathemati-ce, person-to-person, mathemati-
sour
cally predictable and autonomous,
cally predictable and autonomous,
b
but that those attributes also make it ut that those attributes also make it
prone to money laundering and other rone to money laundering and other
p
illegal schemes.
illegal schemes.
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