Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
  • Contact
CLOSE

Regulation

Florida Court Appeals For Bitcoin To Be Considered As Legal Tender

Published

on

The Florida Third District Court has appealed earlier this week for Bitcoin to be considered as a legal tender since the number one asset does not correlate with the definition of money but still acts as a medium of exchange. In our bitcoin news below in the text, we are about to find out more.

Michell Espinoza, a resident of Miami Beach, was charged back in 2016 with two counts of money laundering because of operating as an unauthorized money transmitter while it was trading on the website LocalBitcoins.com. Teresa Pooler, the judge in the case, dropped it saying that Bitcoin is not considered as money according to the law in Florida.

Now, however, the Third District Court in Florida has taken the Espinoza case again and argued that despite the fact that Bitcoin is not proper money, is a medium of exchange and should be considered as a legal tender.

Since the beginning of Bitcoin, there are hundreds of debates about whether the asset should be considered as money. BTC users claim that Bitcoin is real money and argue that it can be used as a medium of exchange but that it can also be used as real money. The people who argue that bitcoin cannot be considered as money, state that Bitcoin is much more close to gold because of its constant fluctuating value and that it should go under security laws.

Despite the debates, some countries such as Venezuela, have already recognized Bitcoin as a legal tender.

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments
Advertisement

Blockchain News

The Cyprus SEC Is Calling For EU Anti-Money Laundering Framework Implementation

The Securities and Exchange Commission of Cyprus is calling for the implementation of the European Union’s Anti-Money Laundering Directive into the national law that will bring crypto regulation under its provisions according to the CySEC’s announcement that reached our crypto news today. The EU directive first came into force last year on July 9 and set a new legal framework for the financial regulators in the European Union that monitor the crypto-related businesses in order to be able to protect the users, investors, and citizens from money laundering and financing terrorism. Further, the directive extends its influence to crypto exchanges and wallet providers in order to enhance their transparency requirements that are conducted by anonymous parties whether that is payments done via exchanges or prepaid cards. All of the EU member states must adopt the directive into their national laws by 2020. CySEC notes that its innovation hub received multiple reports from crypto-related entities that don’t fall under the existing regulatory framework. The agency is proposing to bring multiple additional areas of crypto-related activity in Cyprus under AML obligations such as:
 “a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”
Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
`
Continue Reading

Regulation

CFTC Commissioner Believes In Creating A Self-Regulatory Crypto Structure

The United States Commodity and Futures Trading Commission (CFTC) Commissioner Brian Quintenz is in today’s crypto news after he suggested that all of the crypto industry participants should create a self-regulatory organization of some kind while he was speaking on the Bipartisan Policy Center Panel a week ago. To be more precise, Quintenz explained that CFTC has a lack of crypto statutory oversight and therefore suggested that all of the crypto platforms should form a type or an organization of some sort that will be self-regulatory where all of the participants can discuss, agree or disagree to implement rules or to audit. According to the commissioner, he believes that an organization of that type could carry out the audits concerning conflicts of interest, insider trading, custody, liquidity and business conduct. However, the CFTC commissioner also says that a self-regulatory organization is charted by Congress and saying that the organization would only be a mutual association between private companies in the crypto industry. A commissioner from the Securities and Exchange Commission, on the other hand, Hester Peirce, was also attending the panel and explained how confusing the current regulation is right now. Peirce said that the lack of regulation of the crypto market and especially bitcoin could be a reason not to approve a BTC ETF:
 “There are lots of markets that aren’t regulated, but we nevertheless build [derivative] products on top of them.”
Hester Peirce also pointed out that the delay in creating a crypto regulatory framework could mean more freedom for the industry to continue on its own.
`
Continue Reading

Regulation

SEC’s ‘ICO Guide’ With A Gloomy Outlook For Cryptocurrency In 2019

The Securities and Exchange Commission (SEC) is in the crypto news today after tweeting out the guidelines for the people launching and investing in ICOs. Named the 'ICO Guide' - SEC's paper comes a little too late of the cryptocurrency boom market. However, the document still focuses on Bitcoin, altcoins and cryptocurrencies, mimicking a gloomy outlook with at least one possible violation of the First Amendment on the part of the SEC. According to the SEC, a security is:
“A token or offering that promotes the likelihood for future returns based on the entrepreneurship or efforts of others.”
That said, it is no surprise that some prominent crypto executives have already begun declaring themselves as part of a "protocol" rather than a company over the recent months. One of them is Tron's Justin Sun who recently said:
“We can see that Tron is also more like a protocol rather than a company. I think that’s also introduced like a brand new concept of the protocol rather than a company institution or profit or entity.”
Sun also took the opportunity to promote his own projects, TRON and BitTorrent. According to the SEC, however, a crypto exchange would be in violation of securities laws even if it unknowingly facilitates the trade of security coins and tokens.
“If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration," an excerpt from the document reads.
As SEC also noted, it doesn't matter whether an exchange is centralized, proprietary or decentralized and autonomous - what matters is that unregistered buying and selling happens here.
“The activity that actually occurs between the buyers and sellers—and not the kind of technology or the terminology used by the entity operating or promoting the system—determines whether the system operates as a marketplace and meets the criteria of an exchange under Rule 3b-16(a).”
`
Continue Reading

Ethereum News

Crypto Exchange ErisX Files A Letter To CFTC To Regulate ETH Futures

Crypto exchange ErisX based in Chicago, filed a letter with the Commodity Futures Trading Commission of the United States that we take a closer look into our crypto news today as a response to the request of the agency for ETH mechanics and market feedback. The letter was submitted yesterday and focuses on the introduction of a regulated futures contract on Ether and how they will positively impact the growth of the market. ErisX is a traditional futures market reboot and will provide full support for BTC trading, eth and litecoin as well as futures contracts in the second half of 2019. The CFTC determined that Bitcoin is a commodity rather than security which makes it falls under the Securities and Exchange Commission rules. However, Ether was cleared of the securities classification in June 2018. ErisX pointed out:
‘’The difference between Ethereum and its predecessor saying that ‘’Ethereum built some of the architectural principles of Bitcoin to extend its functionality of a distributed, secured, record-keeping system to include new computational capabilities for the execution of arbitrary code.’’
The analysis from ErisX on the state of the ethereum market shows that there is lack of regulatory clarity that prevents regulated enterprises from entering the sector which will end up in a preponderance of ‘’unregulated or lightly regulated exchanges.’’ ErisX continued:
 “Not unique to Ether, but [may be exacerbated by] the current fragmented global market structure of trading platforms and ‘exchanges’ with significantly varying degrees of regulatory oversight and operational transparency and integrity.”
The exchange has appointed three veterans from YouTube, Barclays and the Chicago Board Options Exchange for the executive places in the company and is also expecting from Joseph Lubin of ConsenSys to join the board of directors.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below








ADVERTISEMENT

Join us on Facebook

Recent Posts

ADVERTISEMENT



UPCOMING EVENTS RECOMMEND BY DC FORECASTS

march

No Events

NEWS CATEGORIES

ADVERTISEMENT



Trending Worldwide

X
X