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Title: 2013-08-06 Reuters: U.S. judge says SEC can pursue Bitcoin-related lawsuit Post by: jgarzik on August 07, 2013, 02:54:28 AM U.S. judge says SEC can pursue Bitcoin-related lawsuit
URL: http://www.reuters.com/article/2013/08/06/us-court-sec-bitcoin-idUSBRE97517G20130806 Quote U.S. regulators got the green light from a federal judge to proceed with their lawsuit against a Texas man accused of running a Ponzi scheme using Bitcoin, the virtual online money system. Trendon Shavers of Bitcoin Savings & Trust had challenged the Securities and Exchange Commission's case against him, saying the regulator had no jurisdiction to sue him because the Bitcoin investments he offered are not securities or subject to any U.S. regulation. But U.S. Magistrate Judge Amos L. Mazzant in the Eastern District of Texas ruled on Tuesday that his Bitcoin investments "meet the definition of investment contract, and as such, are securities." [...] Title: Re: 2013-08-06 Reuters: U.S. judge says SEC can pursue Bitcoin-related lawsuit Post by: btceic on August 07, 2013, 03:00:54 AM I apologize in advance for the cross post, but I wanted to point out the below fact.
There you go, a US federal judge presiding over a case with the SEC has formerly stated that bitcoin is a form of money. Quote Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money. Title: Re: 2013-08-06 Reuters: U.S. judge says SEC can pursue Bitcoin-related lawsuit Post by: kjlimo on August 07, 2013, 05:01:35 AM Ok judge, so which is it, are bitcoins money or securities?
Does thaat distinction mean anything or matter? Can bitcoin be both? Title: Re: 2013-08-06 Reuters: U.S. judge says SEC can pursue Bitcoin-related lawsuit Post by: DeathAndTaxes on August 07, 2013, 05:09:18 AM Ok judge, so which is it, are bitcoins money or securities? Does thaat distinction mean anything or matter? Can bitcoin be both? The judge never said Bitcoins are securities/investments. He said what Pirate offered was a security/investment. The fact that they were denominated in Bitcoins didn't automatically make them not a security/investment (a highly dubious theory held by many for a long time). Title: Re: 2013-08-06 Reuters: U.S. judge says SEC can pursue Bitcoin-related lawsuit Post by: casascius on August 07, 2013, 05:10:57 AM Ok judge, so which is it, are bitcoins money or securities? Does thaat distinction mean anything or matter? Can bitcoin be both? As I understood it, bitcoins are money and Pirate's promise to repay principal and interest is a security. |