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Ferus

08-10-2013 03:52 AM

Federal judge: Bitcoin, ?a currency,? can be regulated under American law

Source: http://arstechnica.com/tech-policy/2...-american-law/

Quote:

In the case of a Texas man accused of massive Bitcoin-based fraud, a federal judge has ruled that bitcoins are ?a currency or form of money," and are therefore subject to relevant US laws.

seeandsee

08-10-2013 04:43 AM

In America every judge will have different view...

Barry-xlovecam

08-10-2013 04:48 AM

Quote:

[B]itcoin is an electronic form of currency unbacked by any real asset and without specie, such as coin or precious metal ...

United States District Court
EASTERN DISTRICT OF TEXAS
Case 4:13-cv-00416-RC-ALM

The Judge allowed Bitcoin to be allowed in evidence and as consideration in a securities fraud case -- a very narrow procedural ruling of jurisdiction.

US Treasury and FinCen has decided to regulate Bitcoin AS a currency months ago. So, this not should surprise anyone and only means what the limited ruling means.

Ferus

08-10-2013 05:10 AM

Quote:

Originally Posted by Barry-xlovecam (Post 19754015)

The Judge allowed Bitcoin to be allowed in evidence and as consideration in a securities fraud case -- a very narrow procedural ruling of jurisdiction.

US Treasury and FinCen has decided to regulate Bitcoin AS a currency months ago. So, this not should surprise anyone and only means what the limited ruling means.

No, it means a Judge can claim it's subject to relevant US laws, if it fits their case.

If you are a non-US citizen traveling the US, do yourself a favor, and don't accept Bitcoin funds while you are in the country.

Barry-xlovecam

08-10-2013 05:19 AM

Sure, you can't use the defense that there was no crime because Bitcoin payments are not currency in the US Court system.

adultmobile

08-10-2013 02:58 PM

if bitcoin is regulated, most people will move to shadycoin

TheSquealer

08-10-2013 03:23 PM

Quote:

Originally Posted by Ferus (Post 19754024)

This came about because of fraud committed using bit coins. It's a bit naive to think the EU isn't going to be right behind the US with similar legislation, rulings or laws the first time someone is indicted for doing something similar, for selling drugs or weapons or anything else.

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