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Federal Judge Declares Bitcoin a Currency

Posted by Soulskill on from the i-bet-the-IRS-just-got-excited dept.

tlhIngan writes "An East Texas federal judge has concluded that Bitcoin is a currency that can be regulated under American Law. The conclusion came during the trial of Trendon Shavers, who is accused of running the Bitcoin Savings and Trust (BTCST) as a Ponzi scheme. Shavers had argued that since the transactions were all done in Bitcoins, no money changed hands and thus the SEC has no jurisdiction. The judge found that since Bitcoins may be used to purchase goods and services, and more importantly, can be converted to conventional currencies, it is a form of currency (PDF) and investors wishing to invest in the BTCST provided an investment of money, and thus the SEC may regulate such business."

4 of 425 comments (clear)

  1. Obligitory Reagan quote... by xxxJonBoyxxx · · Score: 5, Funny

    “Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
      Ronald Reagan

    1. Re:Obligitory Reagan quote... by slick7 · · Score: 1, Funny

      Ronnie the Raygun, a "B" movie actor and a "B" movie president, once declared that ketchup was a vegetable and then he became one himself. His trickle down theory did just that, trickle down. It's great to see the banksters now have competition. The question is whether they will buy BTCST outright or have them eliminated?

      --
      The mind conceives, the body achieves, the spirit manifests.
  2. Re:Sex by tnk1 · · Score: 3, Funny

    Paid for sex is a service, not a currency. You can't return or convert the sex as an abstract unit of value. It is not a currency.

  3. YIPPIE! by Zynder · · Score: 4, Funny

    The Tittle is Missleading

    I would LOVE to see Miss Leading's tittles!!!!