Roger Ver Shouldn't Be Allowed to Buy Stuff, and Neither Should You (Op-Ed)

Ripple Labs sold “magical Internet money” to convicted felon Roger Ver without sending a Suspicious Activity Report (SAR) to the U.S. state. And Ver may not have been the only client with whom the company maintained a private relationship. Ripple Labs will now pay a US$700,000 fine in accordance with the U.S. Bank Secrecy Act.

Ver, who spent 10 months in prison for selling exploding objects without proper authorization, is also known as “Bitcoin Jesus.” His opinion is widely respected among users of magical Internet money, and he publicly professes a belief that all human interactions ought to be voluntary. This belief unites Ver with others in a cult called “Voluntarism.” Ver has even described himself as an anarchist.

-- Voluntarist cult symbol

When Ver approached Ripple Labs about purchasing US$250,000 worth of the Ripplecoins, they immediately ought to have reported him to the state. This would have enabled the proper questioning of Ver before the sale could be authorized. For instance:

Where did he get the money? How much in taxes had he paid on it? What more might he still have owed? What did he plan to do with the Ripplecoins? Where were his birth certificate, social security card, driver's license, passport and fingerprints? Had he visited North Korea, Iraq, Syria, Afghanistan or Cuba within the last two years?

Without this information, Ver clearly ought not to have been allowed to purchase any digital currency in said amount. Just think of the planes he could fly into buildings with that many Ripplecoins. Think of the anthrax he could distribute. Think of the bombs he could build and detonate.

-- Ver caught displaying his predisposition to violence

When the likes of Roger Ver can simply purchase any amount of magical Internet money they want, the safety and security of the whole of America is jeopardized. Nay, the whole of the world.

Get compliant. Adopt stringent KYC and AML practices. Document and submit everything for approval. When in doubt, seek permission first.

Your children's very lives are at stake.