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ExtraTorrent.cc > Articles > US Judge Said Bitcoin Was Not Real Money

US Judge Said Bitcoin Was Not Real Money

US Judge Said Bitcoin Was Not Real Money

Added: Friday, July 29th, 2016
Category: Recent Headlines Involving File Sharing > Ridiculous Criminal Trials
Tags:ISP, Download, BitTorrent, MPAA, RIAA, copyright-infringement, file-sharing, Torrenting
In the court case, where a defendant was accused of illegally transmitting and laundering $1,500 worth of Bitcoins to undercover agents who intended to use them to buy stolen credit cards, the lawyers asked to dismiss the charges because the virtual currency is not money. And the judge agreed, saying that Bitcoin has a long way to go before it is equivalent of money. As a result, all three counts against the defendant were dismissed.

Of course, this precedent has been a focus of interest for the Bitcoin community. The virtual currency is known for allowing its users to exchange value online and remain anonymous. It must be said that Charles Evans, associate professor of finance and economics at Barry University, was invited as an expert witness by the defense in this case, and testified that Bitcoin is not money. He pointed out that Bitcoin users in the state would now have an easier time sending Bitcoin with fewer regulatory hurdles in result of this court ruling. They won’t be considered money transmitters and are free to purchase Bitcoin for real money.

At the same time, a law firm that has written on virtual currency regulations in the United States claimed that the court ruling was counter to the direction federal regulators were headed. However, the Florida case’s ramifications may be limited due to the small jurisdiction of the court.

It must be said that the money-laundering charges were also dismissed in the case, but more due to the circumstance of the defendant’s arrest. Undercover detectives bought cryptocurrency from the defendant after telling him they want to use it to purchase stolen credit card numbers, but the judge said it was not laundering.

The case in question remains one of very few court decisions on Bitcoin. Industry observers watch regulators grappling with how to address the cryptocurrency as more Americans adopt it. Many financial regulations operate at the state level, and NY has been the most aggressive state in tackling the virtual currency: it has already introduced a BitLicense, which outlines a framework for Bitcoin businesses. In the meantime, FinCEN, the agency within the treasury department that handles crime, makes attempts to curb illegal activity using Bitcoin at the federal level. Finally, the IRS decided to tax Bitcoin as intangible personal property, not currency.

Posted by: 

Date:  Friday, July 29th, 2016

Comments (7) (please add your comment »)

posted by ModeratorTrue LoveGirl (2016-07-29 18:28:36)
SiLvErDuSt avatar"As he counted fairies at the bottom of the garden"

posted by Site FriendET junkieET loverSuperman (2016-07-29 19:57:06)
bobpa avatarNicely said SiLvErDuST!

posted by (2016-07-29 23:05:30)
No avatarOf-course it's not real money. Whatever shares you have in the stock market isn't real money either. The market is basically a ticking time bomb anyway. Cash looks like monopoly money these days with all the counter fit protection, etc. There is no gold to back up the cash anymore so that's not real money either. lol What point was this judge trying to make?

posted by Kitty (2016-07-30 05:17:27)
Crash1 avatarA currency's value, THESE DAYS, is based on the ability to pay back international debt! With the USA's current debt of 17+ TRILLION dollars, many financial analysts are wondering just how many more years the greenback can hold its value against other currencies ... especially since their debt has now exceeded 100% of their yearly GDP.

posted by (2016-07-30 13:02:52)
crocan avatarWow,
an idiot and a judge in one.
Criminals must love it.

posted by Trusted UploaderSite FriendET loverSupermanKitty (2016-07-30 15:52:24)
SirSeedsAlot avatarIRS taxes Bitcoin to go after criminal tax evasion. There is a Bitcoin tax? wtf

posted by Trusted UploaderBitcoin MasterET lover (2016-08-01 13:19:36)
rigmar avatarStrange that, Bit Coin not real... Well I guess I did not donate to this site after all tee hee.

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