4 ms·

New York wants to be the big dog in regulating crypto-currency, which almost feels like they are protecting and working at the behest of the banking industry he

by ck2 13y ago

New York wants to be the big dog in regulating crypto-currency, which almost feels like they are protecting and working at the behest of the banking industry headquartered there. But I do not understand how a NY prosecutor can subpoena a Japanese business?

fiatmoney 13y ago
Easy, if they think a NY law has been violated.
- malka 13y ago
  I'm pretty sure I am currently violating loads of north korean laws. They should subpoena the entiere world.
glurgh 13y ago
It's a Federal prosecutor who just happens to be located in New York.
anigbrowl 13y ago
If you're doing business in New York, then you can be sued there. It's called the doctrine of 'minimum contacts.' Of course, they could choose to ignore the subpoenas, but then the NY DA could presume the worst and issue an arrest warrant for anyone connected with the operation, which would make it difficult for them to visit the US.
ubernostrum 13y ago
But I do not understand how a NY prosecutor can subpoena a Japanese business? If you offer services to, or engage in financial transactions with, a person in Jurisdiction A, Jurisdiction A can enforce its laws on you. You should not in any way be surprised by this fact.
- thirsteh 13y ago
  That's all well and good, but Mt. Gox likely won't conduct any more business in NY. It gets even more problematic if they don't actually operate any legal entity in the U.S. The U.S. may enforce its laws upon U.S. entities, but it has no authority to do so on e.g. a Japanese one, unless a treaty/agreement exists that facilitates it. This is why China-only companies that engage in IP theft (or vice versa) aren't being hauled into court on the daily. (You wouldn't be surprised if I said China can't enforce its laws on a NY company, right?)
  - bunderbunder 13y ago
    They do operate legal entity in the US. At the very least, there were all those funds the Feds seized last year. The U.S. doesn't necessarily have to enforce its laws overseas to go after Mt. Gox. Japan has its own consumer protection laws, and presumably they have something to say about how Mt. Gox has been operating, too. So filing suit in a Japanese court is also a perfectly legitimate option.
  - wpietri 13y ago
    The US can enforce it laws on anybody it can get its hands on. For example Joaquin Guzman, the drug kingpin recently captured in Mexico faces charges in a variety of US states, even if he never set foot there. [1] Mexico has to agree to hand him over, but once the US has him, they can happily convict him of crimes committed while he wasn't physically present in the US. [1] http://www.npr.org/2014/02/25/282359473/arrest-of-el-chapo-not-expected-to-slow-chicago-s-drug-trade http://www.npr.org/2014/02/25/282359473/arrest-of-el-chapo-n...
    - thirsteh 13y ago
      Oh, sure, but it's contingent on him being in the U.S. (Same for a company.) It is Mexico's decision to "extradite" him. Similarly, Brazil could convict me of whatever it wanted if I went there. Then it just becomes a diplomatic issue.
  - M2Ys4U 13y ago
    >The U.S. may enforce its laws upon U.S. entities, but it has no authority to do so on e.g. a Japanese one, unless a treaty/agreement exists that facilitates it. The US has a history of extending its jurisdiction to practically anywhere if the Internet is involved. effective enforcement is another matter entirely, though. >This is why China-only companies that engage in IP theft (or vice versa) aren't being hauled into court on the daily. "IP theft" is pretty much impossible to achieve. You're thinking of infringement.

by ck2 13y ago

fiatmoney 13y ago

Easy, if they think a NY law has been violated.

malka 13y ago
I'm pretty sure I am currently violating loads of north korean laws. They should subpoena the entiere world.

glurgh 13y ago

It's a Federal prosecutor who just happens to be located in New York.

anigbrowl 13y ago

If you're doing business in New York, then you can be sued there. It's called the doctrine of 'minimum contacts.' Of course, they could choose to ignore the subpoenas, but then the NY DA could presume the worst and issue an arrest warrant for anyone connected with the operation, which would make it difficult for them to visit the US.

ubernostrum 13y ago

But I do not understand how a NY prosecutor can subpoena a Japanese business? If you offer services to, or engage in financial transactions with, a person in Jurisdiction A, Jurisdiction A can enforce its laws on you. You should not in any way be surprised by this fact.

thirsteh 13y ago
That's all well and good, but Mt. Gox likely won't conduct any more business in NY. It gets even more problematic if they don't actually operate any legal entity in the U.S. The U.S. may enforce its laws upon U.S. entities, but it has no authority to do so on e.g. a Japanese one, unless a treaty/agreement exists that facilitates it. This is why China-only companies that engage in IP theft (or vice versa) aren't being hauled into court on the daily. (You wouldn't be surprised if I said China can't enforce its laws on a NY company, right?)
- bunderbunder 13y ago
  They do operate legal entity in the US. At the very least, there were all those funds the Feds seized last year. The U.S. doesn't necessarily have to enforce its laws overseas to go after Mt. Gox. Japan has its own consumer protection laws, and presumably they have something to say about how Mt. Gox has been operating, too. So filing suit in a Japanese court is also a perfectly legitimate option.
- wpietri 13y ago
  The US can enforce it laws on anybody it can get its hands on. For example Joaquin Guzman, the drug kingpin recently captured in Mexico faces charges in a variety of US states, even if he never set foot there. [1] Mexico has to agree to hand him over, but once the US has him, they can happily convict him of crimes committed while he wasn't physically present in the US. [1] http://www.npr.org/2014/02/25/282359473/arrest-of-el-chapo-not-expected-to-slow-chicago-s-drug-trade http://www.npr.org/2014/02/25/282359473/arrest-of-el-chapo-n...
  - thirsteh 13y ago
    Oh, sure, but it's contingent on him being in the U.S. (Same for a company.) It is Mexico's decision to "extradite" him. Similarly, Brazil could convict me of whatever it wanted if I went there. Then it just becomes a diplomatic issue.
- M2Ys4U 13y ago
  >The U.S. may enforce its laws upon U.S. entities, but it has no authority to do so on e.g. a Japanese one, unless a treaty/agreement exists that facilitates it. The US has a history of extending its jurisdiction to practically anywhere if the Internet is involved. effective enforcement is another matter entirely, though. >This is why China-only companies that engage in IP theft (or vice versa) aren't being hauled into court on the daily. "IP theft" is pretty much impossible to achieve. You're thinking of infringement.