3 ms·
I'll have to dig in to federal law again, but I'm pretty sure the law does carve it out that way. And it seems legally weird to me that I as an American citizen
by julespitt 13y ago
I'll have to dig in to federal law again, but I'm pretty sure the law does carve it out that way. And it seems legally weird to me that I as an American citizen can mine "foreign coin" in the US. But I see where you're coming from.
Actually I think there is a bit of a tradition of the SEC prosecuting people for purporting to sell securities, even if they legally weren't. So I'd say that should be the basis of prosecution as opposed to "Bitcoin = Money."
I'm mostly just sore that the SEC hasn't bothered to prosecute MF Global principals, as that was outright, straightforward Securities Fraud.
- mpyne 13y agoPossibly you could simply consider BTC a "non-state" foreign currency?
- dragonwriter 13y agoOr you could just recognize that the Exchange Act is an exercise of Commerce Clause power and not Coinage Clause power, so, while whether bitcoin is "money" within the sense of the definition in the Exchange Act is an issue, it is an issue completely unrelated to whether it is "money" at all in the sense intended by the Coinage Clause, much less whether it is "foreign money" or some other kind.