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It's good to know that for all the press Ripple is getting for its AML/KYC compliance problems, the overall reaction amongst the public isn't one hostile toward digital currency or Ripple in particular. If anything, the industry sees it as another healthy reminder that it's necessary to comply with federal regulation and, if one hasn't already, it's also necessary to get someone like Karen Gifford on your payroll before it's $700K too late.
Overall then, that's good news. Sure, Ripple has some egg on its face; but that the rest of the industry is walking away with business as usual means those old looming fears that the government will suddenly shut it down are dissipating.
While the penalty is a blow to Ripple Labs, it could have significant implications for the industry at large and its efforts to legitimize itself in the eyes of regulators and banks. Following are four lessons from the fine and its potential, well, ripple effects: Anti-money laundering compliance must be in place from the get-go... It's still unclear if this helps or hurts the perception of virtual currency... More enforcement actions against digital currency firms are likely on their way... Ripple's Protocol is staying intact...
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