Thursday, August 8, 2013

US Federal Court Rules Bitcoins Are Currency And Subject To American Law

From arstechnica, "Federal judge: Bitcoin, 'a currency,' can be regulated under American law: Bitcoin Savings and Trust's founder has been accused of running a Ponzi scheme." by Cyrus Farivar:
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.

The case revolves around Bitcoin Savings and Trust (BTCST), a virtual Bitcoin-based hedge fund that many suspected of being a scam. BTCST shut down in August 2012, and the Securities and Exchange Commission (SEC) last month formally charged founder Trendon Shavers with running a Ponzi scheme.

No comments:

Post a Comment