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Question for a Bitcoin Lawyer

Mon Mar 14, 2016 7:46 pm

I've been trying for nearly four months now to get an EV SSL cert for a special project related to Bitcoin.com

One of the requirements for the corporate entity to be issued the EV SSL is that:
Client has either operated as a business for three or more years or has an active deposit account held at a
bank or other financial institution where funds deposited are payable on demand.


What do the bitcoin lawyers think? Does a Blockchain, Electrum, Multibit, etc wallet count for this?
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arnoudk
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Re: Question for a Bitcoin Lawyer

Mon Mar 14, 2016 8:12 pm

Interesting question, I really do not know.

But your own twitter messages does come to mind:
https://twitter.com/rogerkver/status/708324078818447360

If the US govt doesn't see bitcoin as money, then I don't think it qualifies. However, if they do require money transmitter licenses....

I'll be interested how this plays out.
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Re: Question for a Bitcoin Lawyer

Mon Mar 14, 2016 9:53 pm

I've been trying for nearly four months now to get an EV SSL cert for a special project related to Bitcoin.com

One of the requirements for the corporate entity to be issued the EV SSL is that:
Client has either operated as a business for three or more years or has an active deposit account held at a
bank or other financial institution where funds deposited are payable on demand.


What do the bitcoin lawyers think? Does a Blockchain, Electrum, Multibit, etc wallet count for this?
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Re: Question for a Bitcoin Lawyer

Mon Mar 14, 2016 10:47 pm

During one of my presentations at Bitcoin Wednesday Amsterdam , I met with mr. Mennno Weij - Partner at the law firm Solv.nl
http://www.solv.nl/mensen/menno-weij/175

He is a Bitcoin lawyer , and will gladly assist :)
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Re: Question for a Bitcoin Lawyer

Mon Mar 14, 2016 11:10 pm

I am wondering out aloud if something like this would be OK: Why not assume it is OK, and submit this information in good faith? There are good arguments why these are financial institutions (money transmitter licenses, for example). Let their legal department make a choice - and only if it is negative do you need to seek legal advice yourself.
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Re: Question for a Bitcoin Lawyer

Tue Mar 15, 2016 4:39 am

why dont you just start your own CA and get it included in all Mozilla/Apple/Google/Microsoft products/browsers?

you can then issue your own ev ssl cert

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Re: Question for a Bitcoin Lawyer

Tue Mar 15, 2016 6:03 am

I would think that "bank or financial institution" would be further defined somewhere else in the requirements.

In case it is not, then there are a couple of ways you can define a "financial institution"

According to BusinessDictionary, a financial institution is:
[...]organizations that, broadly speaking, act as a channel between savers and borrowers of funds (suppliers and consumers of capital).

Read more: http://www.businessdictionary.com/defin ... z42wcD6AZi[...]
I don't think an electrum wallet would meet this criteria because your electrum wallet is not allowing any of your funds to be borrowed while you are not using/spending them.

A more likely definition of "financial institution" would likely be how it is defined in 18 U.S. Code § 20:
As used in this title, the term “financial institution” means—
(1) an insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act);
(2) a credit union with accounts insured by the National Credit Union Share Insurance Fund;
(3) a Federal home loan bank or a member, as defined in section 2 of the Federal Home Loan Bank Act (12 U.S.C. 1422), of the Federal home loan bank system;
(4) a System institution of the Farm Credit System, as defined in section 5.35(3) of the Farm Credit Act of 1971;
(5) a small business investment company, as defined in section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662);
(6) a depository institution holding company (as defined in section 3(w)(1) of the Federal Deposit Insurance Act;
(7) a Federal Reserve bank or a member bank of the Federal Reserve System;
(8) an organization operating under section 25 or section 25(a) [1] of the Federal Reserve Act;
(9) a branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978); or
(10) a mortgage lending business (as defined in section 27 of this title) or any person or entity that makes in whole or in part a federally related mortgage loan as defined in section 3 of the Real Estate Settlement Procedures Act of 1974.
I have not looked into the definitions as listed in the above statutes, however I would doubt that an electrum wallet would be described above.

It is possible that an exchange account at an exchange like bitfinex might meet the definition of a "financial institution" as bitfinex does serve as a platform between lenders and borrowers for margin lending.
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Re: Question for a Bitcoin Lawyer

Tue Mar 15, 2016 8:50 pm

Section 5.1 of the User Agreement says that "Coinbase holds all customers' USD Wallet funds in a dedicated account at an FDIC-insured financial institution."

The same goes for DOGed's suggestion, "bitfinex".

If you have 1 of those 2, you are good.

However, "Client has either operated as a business for three or more years" - don't you have a shell company that has been in business per say, for 3 years?
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