Legal Seminar, Denver, CO

Peer to Peer • Cash is effective for peer to peer – but it requires  physical conveyance. – Anonymity can be preserved.  (E.g., give $ to street  musician – not your credit card!) – Frictionless (unless you don’t want to be there – as in  the case of ransom payment). – Avoiding intermediaries = avoiding regulation – Most electronic payment systems still involve  intermediaries (Venmo, Zelle, Dwolla, etc. – more  later on these services) – Cryptocurrencies may be game changers here. Concerns for Regulators • Identifying parties to target through  regulatory/enforcement efforts • Establishing jurisdiction over them (and  constraints of territorial approaches) • Designing effective content for regulation  (usable information; limited burden; avoiding  unintended consequences) • Retain environment to foster  growth/innovation in the payments space