Court Says Bitcoin Is Not Money

What’s a bitcoin?

Apparently, it’s not money, according to a Florida court that acquitted a guy on a money laundering charge.

Although you can turn it into cash, the IRS says that bitcoin is actually property while the Commodities Futures Trading Commission says that it’s a commodity.

The IRS does not recognize bitcoin as cash because it “does not have legal tender status in any jurisdiction.” In other words, no government recognizes it. However, if you get paid wages in bitcoin, you had better report it as income.

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
This entry was posted in Banking, Banks, checkbook, Congress, Department of the Treasury, deposits, Dodd Frank, fraud, Investments, Jobs, Legislative Intent, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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