Hacker News Reader

Comment by thinkcomp | Hacker News Reader

Until Coinbase complies with applicable laws, every transaction they handle is a high-risk transaction. They could be shut down at any moment.

They're not alone. There isn't a single Bitcoin exchange in the world right now compliant with U.S. money transmission laws.

Buyer/seller beware.

Full disclosure: we're in litigation over this.

View on HN

Based on your username, I am going to assume you are referring to this lawsuit:

http://www.scribd.com/doc/139975904/Aaron-Greenspan-lawsuit

In which case you are the Plaintiff suing these companies which is very different than the US government suing them.

That's the original complaint--an amended complaint has been filed since--but I'm not sure I follow... Whether or not the law has been enforced has nothing to do with their compliance. The full docket is here:

http://www.plainsite.org/flashlight/case.html?id=2434524

Aaron, there is no question in my mind that the MTA laws are at best inappropriate and the varied enforcement (or lack of enforcement) of the laws are irrational. But I wonder what goal the complains and lawsuits would bring do you want to accomplish?

Holly! That is one hell of a plaintiff list. I am going to enjoy reading this.

I think you mean it is a hell of a defendant list. There's only one plaintiff, Think Computer Corporation.

Nice find.

Summary: Aaron Greenspan was running a company handling money online until 2011 when he ran into regulatory issues with the state of CA. He's now suing many other organizations who are doing similar things, claiming those organizations aren't trying to comply with the law which gives them an unfair advantage. He appears to representing himself.

"He appears to representing himself."

Not true, look at the docket.

Sorry, I got that from:

    REQUEST FOR CIVIL LOCAL RULE 3-9(b) EXEMPTION AND RETIREMENT
    This complaint is not signed by a member of the Bar of
    this Court and Plaintiff is a corporation. Civil Local
    Rule 3-9(b) requires corporations to retain counsel...

I don't understand -- is your intention to put them under fire so they're on your side in efforts to repeal MTA?

Could you please explain what you are doing in layman terms?

He alleges that there are a number of companies that are deliberately skirting money transmission regulations, where his company was trying to do things by the book. As a result, those companies raised money from VCs where he was unable, allegedly due to his desire to get things done within that regulatory framework. Consequently, the other companies got ahead of his company in the marketplace, thus he is seeking damages that compensate him for the allegedly anti-competitive behavior of those companies and VCs.

Reply on news.ycombinator.com