Although history provides us with golden examples so that we may not succumb to the mistakes of our predecessors, often we do not heed its call. Even now, it appears the New York Department of Financial Services is serving up regulations which could ultimately hurt a dynasty in what is otherwise a jurisdiction known for its financial prowess.

Ripple Labs has agreed to resolve a criminal investigation in exchange for substantial remedial measures, part of which requires Ripple to migrate a portion of the virtual currency management to a separate legal entity.