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Kashmir Hill – Federal Judge Rules Bitcoin Is Real Money

Kashmir Hill – Federal Judge Rules Bitcoin Is Real Money:

Forbes.com contributor Kashmir Hill (@KashHill) highlights a new development regarding ways existing laws can be applied to Bitcoin-related activity.  Excerpts:

“In defending himself against the SEC suit, Shavers argued that Bitcoin isn’t actually money and that the SEC shouldn’t be able to prosecute him.”

“‘Shavers also contends that his transactions were all Bitcoin transactions and that no money ever exchanged hands.’”

“‘It is clear that Bitcoin can be used as money,’ writes Judge Mazzant in a ruling on Tuesday. ‘It can be used to purchase goods or services, and as Shavers stated, used to pay for individual living expenses.’”

”’[Bitcoin] can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan,’ writes Mazzant. ‘Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.’”

 – http://onforb.es/14z4dAx
 – http://bitcointalk.org/index.php?topic=269612.0 (Futher discussion of this legal memorandum)

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