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.
Democratic US Presidential Candidate Advocates For Clear Crypto Regulations
“We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential," Yang said.The US presidential candidate Yang is definitely one of the many big names calling out for crypto regulation. His act definitely moves the waters and introduces certain regulatory certainty for businesses and regulators in the United States. He further pointed out that both crypto and digital asset markets develop faster than regulations can keep up. Featured on many best cryptocurrency news sites for his crypto-positive statement, Yang continued:
“Create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift."With this the US presidential candidate proved that he is interested in cryptocurrencies and wants to be recognizable in the world of crypto. In January, there were reports showing that the US States Senator and cryptocurrency critic Elizabeth Warren had announced her bid for president in 2020. Speaking at a Senate Bank Committee hearing in October, Warren asserted that “the challenge is how to nurture productive aspects of crypto with protecting consumers.”
Andrew Yang Democratic Candidate Advocates For Clear Crypto Regulation
“We should let investors, companies, and individuals know what the landscape and treatment will be moving forward to support innovation and development. The blockchain has vast potential.”On the website, you can also see that Andrew Yang pointed out that cryptocurrency and digital assets markets are developing quickly and the regulatory bodies cannot follow the fast development. As we can read in the latest cryptocurrency news, he also pointed out:
“Create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.’’Back in January, the United States Senator and well-known crypto critic Elizabeth Warren made an announcement for her presidential run in 2020. While she was speaking at the Senate Banking Committee hearing back in October 2018, she stated that ‘’the challenge is how to nurture productive aspects of crypto with protecting consumers.’’ Elizabeth Warren also made clear that the average American consumer could become a victim of a crypto scam. As for Andrew Yang, he announced his candidacy in the 2020 elections in November 2017. At the start of this month, representatives Darren Soto (D) and Warren Davidson (R) introduced the Token Taxonomy Act. This reintroduced act will exclude cryptocurrency from being classified under security. The act also enables the introduction of regulatory certainty for regulators and business in the US blockchain industry. It also clarifies the relationship between government initiatives and regulatory rulings. As for Andrew Yang, we wish him good luck.
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