Lost in Interpretation: Landmark Case in Florida May Decide Future of Bitcoin
A money-laundering case in Miami is expected to determine what the future of Bitcoin in the U.S. will be. A 32-year-old Florida man is charged with attempted money-laundering after illegally selling $1,500 in Bitcoins. The essential question is: was it really money he was laundering? The verdict of Miami-Dade Circuit Judge Teresa Mary Pooler may serve as a landmark of what Bitcoin actually is from the US law’s viewpoint. It’s the fact that this is the first case of its kind which makes it so special. What are you Bitcoin? The actual history of Bitcoin use and officials’ attempts to....
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Is it possible to be laundering money with Bitcoin if it’s not legally considered money? A court case in Florida may be about to give us an answer. Can’t Launder Money If It’s Not Money. The by-now infamous case concerns Michel Espinoza, a young computer programmer and early bitcoin trader arrested in January 2014, and later charged with dealing in....
A Florida judge has dismissed long-standing charges against Michel Espinoza, accused since 2014 of illegal money transmission and money laundering for selling bitcoin. The case and decision are now likely to have widespread positive implications for Bitcoin in the South Florida region, said the defense’s main expert witness. Espinoza’s legal team had....
BTC.ee owner alleges threats by Estonian police and moves business out of the country as Supreme Court of the country on Monday ruled against Bitcoin in a landmark case. BTC.ee recently announced closure over threats by the Estonian police. The website had an ominous notice posted on it about the closure stating, “Apparently the Estonian police can re-interpret the law, keep their interpretation secret, and apply it retroactively and arbitrarily. Unfortunately the courts in Estonia do not appear to see a problem with that.” Supreme Court rejected the claim by de Voogd that his activity....
A Miami, Florida, trial court recently dismissed a criminal case against a defendant who had sold bitcoin to a police detective as part of an undercover investigation. The case, Florida v Espinosa, has been already been cited by some potentially important precedent for future cases, particularly those where bitcoin's status as "money" or "currency" is at issue. Bitcoin industry advocates will also cite the case when arguing for legislative reform and greater regulatory clarity. But, as legal precedent, Espinosa's value may be limited. It’s a single decision from a....
The Bitcoin Foundation announced Thursday afternoon that they have filed an amicus brief with respect to a criminal case surrounding bitcoin transactions in the state of Florida. Said case involves an individual who has been accused of being an unauthorized money transmitter, in addition to facing two counts of laundering money. The case involves two men, Pascal Reid (29) and Michel Abner Espinoza (30), who were both sellers of bitcoin on LocalBitcoins.com. Undercover officers each purchased $1,500 worth of bitcoin from the men, noting that they were going to use the digital currency to....