On September 19 U.S. Federal Judge Alison Nathan in Manhattan declared Bitcoin is money. The judgment follows the recent Florida ruling in which the Judge decided the opposite — that Bitcoin is not money. The decisions in both states show U.S. officials don’t see eye to eye on classifiying cryptocurrency.
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When I take a look at some of the details in this case in Florida, one thing that concerns me is the attempt by the feds to set up a situation where there's entrapment. And offer of stolen credit cards as part of the exchange? I would wonder if the $30,000 offered to be exchanged into bitcoin was fake as well, in addition to the flash roll the undercover agent showed the suspect.
In a situation like that, there'd be a good reason to suspect a scam:
"...The US Secret Services Miami Electronic Task Force decided to swing by CraigsList (of course) and localbitcoins.com to see what they could dig up.
Seeing an advertisement that explained the defendant was willing to sell Bitcoin in person for cash, the Feds thought they had uncovered something nefarious. A meeting was set up at the Nespresso Cafe where .40322580 Bitcoins were sold for $500.
A few weeks later a second, similar transaction for $1000 was completed at a Haagen-Dazs ice cream store.
The undercover detective inquired during this meeting if Abner would accept stolen credit cards for payment but Abner did not commit. The final operation took place in a Hotel room (unnamed) for $30,000 – along with wires and surveillance equipment. The detective showed a “flash roll” of bogus cash to Abner, and he got nervous. While Abner did not take possession of the cash, the Feds still busted him and charged him with the aforementioned crimes.
Abner, eventually walked as the case was tossed out by the Judge. Abner and his defense attorneys beat the rap not so much because the evidence against him was tenuous at best but because the Judge decided Bitcoin was not money – as presently defined...."
https://www.crowdfundinsider.com/2016/09/89756-florida-court-explains-bitcoin-not-money/
@marketingmonk, from what I have been reading about this court case, it seems to me that the major charges are more worthy of prosecution, with respect to the alleged hacking of JP Morgan Chase. I guess they may be trying to build an argument for the possible use of bitcoin in the sale of the information obtained from the hack?
http://www.nytimes.com/2015/08/11/business/man-charged-in-bitcoin-scheme-appears-in-new-york-court.html?_r=0
The Prosecution needed this determination for his serious charges such as the "cleaning" of known dirty money via his company, Collectibles Club. And then using his position on the board for a Credit Union to perpetuate it all too. They likely have a lot of evidence that looks damning against him.
http://www.tallahassee.com/story/news/2016/06/07/former-101-owner-murgio-facing-federal-charges/85530248/
It's unfortunate that Bitcoin will likely feel some undue damage with these cases. #bitcoinisnotacrime