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Samuel Stokes
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Samuel Stokes   My Press Releases

Hey, it’s Legal Money Now

Published on 3/1/2019
For additional information  Click Here

Hey, it’s Legal Money Now

 

On February 1st, a court in eastern Michigan took an interesting position on Bitcoin. Using the Treasury’s Financial Crimes Enforcement Network (FinCEN) and past district court rulings, the United States District Court for the Eastern District of Michigan took a clear position on Bitcoin.

Bitcoin is legal money.

Using the FinCEN’s standards, the court of Michigan considers cryptocurrencies money, not securities or commodities.

This ruling came about because a gentleman named Bradley A. Stetkiw was in federal court for money laundering. He never registered as a money transmitter and was using “hundreds of thousands of dollars of bitcoins” in tandem with his criminal activity.

Stetkiw argued that since Bitcoin wasn’t “money” under the 18 U.S.C. § 1960 federal statute and BTC “does not issue from or enjoy the protection of any sovereign government,” he didn’t need to register as a transmitter.

Well, the courts disagreed. They shot down his argument and declared BTC federally recognized money.

A Senate body in the U.S. has also contributed to crypto’s financial legitimacy lately.

On January 18th, a bill involving cryptocurrencies was introduced in the Wyoming Senate.

Here is a takeaway of what the bill requested:

  1. Accept cryptocurrency on the same terms as fiat money.

  2. Set clear classifications on crypto assets into three categories (virtual currencies, digital consumer assets, and digital securities).

  3. View crypto assets as legal property and give banks permission to manage them in trust funds.

The bill was passed on February 2nd and is expected to go into effect on March 1st.

This development is especially exciting for Wyoming Senator Ogden Driskill, as he aims to make the Equality State the next “Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world.”

 

To Our Mutual Success in 2019,



 
Samuel Stokes
Phone #: 253.576.3570
Skype- darkstar1957
E-Mail: stokes.samuel1@gmail.com
http://www.ibourl.com/kfr

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