Legal Seminar, Denver, CO
Concerns for Consumers/Merchants • Costs (Remember, cash is not costless). • Security (Technical and physical dimensions). • Trust – Finality of cash creates assymetry – Intermediaries as a common solution. – Cryptocurrencies present new problems: trust the software? But what if it cheats us (or we make a processing mistake)? To paraphrase Bob Dylan, “you gotta trust somebody…” • Speed and convenience. E‐Payments: Regulatory Overview • ACH System. – Good example of private ordering at work – NACHA promulgates collective rules. – “Commercial reasonableness” remains standard for security • Note the need to contemplate innovation • Innovation responds to threats, which are fast moving – Speed is an issue: “Faster Payments” initiative. • Delay = risk = trust requirement
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