blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Track Crypto
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Track Crypto
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

U.S. District Court Judge: Bitcoin is Money under D.C. Law

Tom Nyarunda by Tom Nyarunda
July 24, 2020 - 7:00 pm
in blockchain news
0
USA
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Today marks an important chapter for Bitcoin history in Washington D.C.: BTC is considered a form of cash. 

According to a Bloomberg Law publication report, Friday July 24, 2020, U.S. District Court for the District of Columbia defined money as a form of money. According to the Judge, money referred to any “medium of exchange, payment method, or store of value.” The Judge opined that Bitcoin was all those things. The court said: 

“The virtual currency known as Bitcoin is a form of “money” covered under the Washington, D.C.; Money Transmitters Act […] The D.C. law adopts that meaning even though it doesn’t strictly define “money,” the court said.”

Underground Marketplaces

The D.C. Court refused to dismiss criminal charges against Larry Dean Harmon. The man operated on an illicit Bitcoin trading platform and ran unlicensed money transmitting business. He was charged under D.C. law and for laundering money under federal law. According to the charge sheet, Harmon ran a Darknet operation. The prosecutors said laundered more than $300 million worth of cryptocurrency often used for illegal transactions in underground marketplaces.

Federal prosecutors say Harmon, 36, ran a service that allowed customers to send bitcoin and obscure its origin. Such services are known as “mixing” or “tumbling.” Federal authorities shut it down in 2017 and said drugs bought on what was then the largest Darknet marketplace were tied to overdose deaths. Helix exchanged at least 354,468 bitcoins, the equivalent of about $311 million at the time of the transactions, the indictment states.

Global Leader in Cryptocurrency

The debate is still raging in the USA and other parts of the world on whether Bitcoin and cryptocurrencies are deemed money. In March this year, a U.S. congressman from Arizona has introduced the Cryptocurrency Act of 2020 while under coronavirus quarantine. Rep. Paul Gosar revealed introduced “the Crypto-Currency Act of 2020.” The bill clarifies which federal agencies regulate which type of crypto assets. He said, “It’s crucial that America remains the global leader in cryptocurrency,” the lawmaker stated: 

“By providing much-needed regulatory clarity about cryptocurrency, we will make it easier for businesses, institutions, and everyday Americans to participate in this growing industry. No more murkiness, uncertainty, or confusion.”

Adoption Is Taking Shape

The Judge’s pronouncement comes a month after Canadian authorities clarified that cryptocurrency exchanges and payment processors were legally recognized as Money Service Businesses (MSB) within Canada. The June 1, 2020 enactment saw the enactment of amendments to Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act that were passed in June 2019 to address holes in the then-existing framework.

Bitcoin adoption continues as individuals and institutions have started seeing BTC as a safe haven akin to gold or silver. Countries like the USA’s response to the economic downturn caused by the Covid-19 pandemic are poking holes at the power of the fiat currency system. There are various narratives surrounding Bitcoin, but the biggest one is that adoption is taking shape, with lawyers in D.C. now accepting it as a form of payment. 

ShareTweet
Tom Nyarunda

Tom Nyarunda

Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.

Recommended For You

Boli and PARSIQ Collaborate to Boost Maldives’ Digital Landscape with Blockchain Technology

by Mushu Butt
March 29, 2023 - 2:00 pm
0
parsiq

Boli and PARSIQ join forces to boost the digital transformation of Maldives’ tourism and public sectors by using the power of blockchain technology.

Read more

KuCoin Community Chain Launches Its Exclusive Upgrade KCC V1.3.0 on Testnet

by Umair Younas
March 29, 2023 - 9:54 am
0
kucoin community chain

Along with declaring the upgrade, KuCoin Community Chain persuaded the entirety of the KCC community to take part in the testing.

Read more

Gameta and CHILL Join Forces to Expand Services in Web3

by Umair Younas
March 28, 2023 - 1:26 pm
0
gameta chill

Through this collaboration, Gameta and CHILL will be able to expand their product and service offerings in the Web3 ecosystem.

Read more

Ariadne’s Integration of Celer IM Framework Facilitates Its Cross-Chain Yield Farming

by Umair Younas
March 28, 2023 - 11:35 am
0
celer network

The latest Celer IM integration enables Ariadne consumers to communicate with it from the supported chains in a convenient way.

Read more

Nexus Empowers Developers with Cutting-Edge APIs for Smarter Applications

by Mushu Butt
March 28, 2023 - 10:39 am
0
nexus

Blockchain platform Nexus has announced the release of a new range of cutting-edge APIs for developers that will transform the development of dApps.

Read more
Next Post
Partners

Chainlink Partners With Elastos Ethereum Sidechain

PARTNERS LIST

  • sp

PRESS RELEASE

BlogxqmUpIrVtq

OKX to Open Office in Australia

by chainwire
March 29, 2023 - 10:56 am
0

MELBOURNE, AUSTRALIA, 29th March, 2023, ChainwireBrand Ambassadors Daniel Ricciardo, Scotty James, and McLaren F1 driver Oscar Piastri join event at...

MetaverseStockWyFdFOXZEH

Metacade raises over $14.7M as presale set to close in 72 hours

by chainwire
March 29, 2023 - 7:42 am
0

London, UK, 29th March, 2023, ChainwireMetacade, one of the most exciting GameFi ventures of 2023, has now raised over $14.7m...

logoredscaled

TMRW Conference Announces Dates and Location for Its Second Belgrade Edition

by Max Clark
March 28, 2023 - 8:55 am
0

The largest emerging tech event in Europe TMRW conference brings the latest trends in AI, blockchain, metaverse and gaming.

WinklesFlamSeasonPromoImagehxiZRNWFL

Sphynx Ink and OpenSea Partner for “Winkles & Flam” Digital Collectibles

by chainwire
March 27, 2023 - 2:34 pm
0

Toronto, Canada, 27th March, 2023, ChainwireWinkles & Flam™, the ‘Cosplaying Canadian Kitties™,’ are the First Original Cartoon Duo of the...

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.