Let's say a ripple user were to extend trust to both Bitstamp and Snapswap to owe him 100 USD. He offers to trade USD-Bitstamp-IOU for USD-Snapswap-IOU at an exchange rate of 1:1.
Would he have to register this activity with a USGov institution? Would taxes on this transactions be due?
What if he did the same with an exchange rate of 1:1.01 and vice versa, i.e. taking an exchange commission of 1%?