wait... is this good or bad news? lol
RE: Bitcoin not money, Miami judge rules in dismissing laundering charges
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Bitcoin not money, Miami judge rules in dismissing laundering charges
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Well it certainly isn't bad news :) - less regulations, "money laundering" cases that involve bitcoin transactions now can't be treated as money laundering since bitcoin isn't money :) and also new cases that will appear can now lean on this ruling which is great.
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This will only be true once the decision comes from a Federal Supreme Court and is upheld as constitutional. As of right now, it's only proven that one jurisdiction has gave credence to this interpretation of the law.
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But could they still refer to this case in other jurisdictions or will that currently only be applicable in Miami (Florida)?
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It's a state court it has no bearing on federal cases at all.
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Mixed bag. One downside is that courts will be reluctant to treat crypto as property...
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The bad news is that crypto could be taxed on any gains from appreciation if it is determined to not be money.
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IRS & FinCEN have already declared it money. Treat it like CAD or EUR or GBP and you'll be fine. Same with Steem & SBD.
FYI the Judge didn't rule on it's legitimacy as money, he ruled that the statute under which he was charged left the definition too vague and broad as to be enforceable. Basically he's saying if Bitcoin is money than so is just about anything else. The bigger news is the judge tossed out a whole lot of Florida's ability to fight money laundering over this. Now it's pretty much all on the feds.
He essentially just castrated the Florida equivalent of the FBI over this.
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Le Bitcoin n'est pas considéré comme une monnaie dans la législation actuelle. C'est une bonne nouvelle car cela prouve que l'état et la justice considère que ça n'appartient pas à l'état. ;)
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