Is Bitcoin an Official Currency

Thursday August 8,2013 : BITCOIN IS OFFICIALLY A CURRENCY?

Texas judge says so

The specialised publication CoinDesk reports that a judge in Texas has ruled that Bitcoin is a currency or form of money, which gives the U.S. Securities and Exchange Commission the go-ahead to sue Ponzi scheme operator Trendon Shavers.

US magistrate judge Amos L. Mazzant heard the SEC’s case against Shavers, founder and operator of Bitcoin Savings and Trust (BTCST), formerly known as First Pirate Savings & Trust.

CoinDesk reports that Shavers enticed people to invest in BTCST with the promise of 1 percent interest per day. Some investors suffered losses, totalling 263,104 BitCoins, which equates to around $25 million, based on current exchange rates.

The SEC is claiming that Shavers defrauded investors and that the BTCST investments are classed as securities, as defined by Federal Securities Laws. Shavers, however, argues the BTCST investments are not securities because Bitcoin is not money, nor is it part of anything regulated by the US authorities.

Judge Mazzant ruled: “Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money. … For these reasons, the Court finds that it has subject matter jurisdiction over this matter.”

Constance Choi, general counsel at Payward Inc, told CoinDesk that the ruling signals that state courts and regulators are starting to pay attention to Bitcoin and are beginning to take positions on where it fits within existing legal regimes and asset classes.

“In this case, one judicial authority in Texas appears to have preliminarily classified it as currency or form of money. By labelling it as a ‘currency’, this Texas court is in direct contradiction of the FinCEN guidance, which expressly stated that virtual currencies like bitcoin are not ‘currency’, such as legal tender or fiat currencies,” she pointed out, adding that coming from a relatively low level court, the finding could be subject to overturn by a higher judicial authority.

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

Simon Jones is crowned the Greatest Poker Player in the Universe - A €10,000 leaderboard tracked player progress throughout the series to determine who the Greatest Poker Player in the Universe was. Professional poker player/sports psychology lecturer, Simon Jones, took the crown with a €5,000 cash bonus and trophy to prove it.

MLB Odds: Yankees Favored in AL Wild Card Game - After a strong regular season, the New York Yankees (91-71, –1.00 betting units) opened as –235 home favourites for Tuesday’s AL Wild Card Game against the Minnesota Twins (85-77, +11.48 units). First pitch is at 8 PM ET on ESPN.