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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Is Officially Money, Says U.S. Federal Court: Why It’s Not a Big Deal

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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In the United States, occasionally, court decisions set a precedent for future interpretations of the law. Due to such circumstances, Bitcoin just became officially considered “money” under a US federal court ruling.

However, the Director of Communications at a leading non-profit focusing on cryptocurrency policy, says this is not a big deal. Here’s why it isn’t.

Bitcoin Considered “Money” In United States Federal Court Case, Community Celebrates

Each passing day, a new breakthrough in Bitcoin is happening behind the scenes, yet the price of the cryptocurrency cannot break free from its trading range.

bitcoin btcusd money officially

BTCUSD Sideways Trading Range | Source: TradingView

In 2020 alone, the asset survived the Black Thursday market collapse, had its block reward halving, and more. It has been compared to gold by hedge fund manager Paul Tudor Jones and institutions are taking notice.

Related Reading | How Will Bitcoin Respond To Its Biggest Listing Yet? The United States

Rumors of PayPal and Venmo supporting the cryptocurrency and more recently, VISA pledging to better embrace the asset it credits with the birth of digital currencies.

Nations like China and soon the US seek to mimic its design to usher in the future of finance.

Now, according to some takes in the media and the cryptocurrency community, Bitcoin is officially considered “money” under US law. But here’s why they’ve got it all wrong.

Crypto Policy Expert Clarifies That This Is Not At All A Big Deal

According to a Bloomberg Law piece published on Federal court case United States v. Harmon, a court ruling deemed Bitcoin as “money.”

Mainstream crypto outlets were quick to report on how this would change the game for crypto, and the community rejoiced. Not surprisingly, speculation ran wild and had crypto investors thinking this would have an impact on everything from adoption to tax reporting.

this just means that if you’re a bitcoin intermediary for someone living in DC you need a money transmitter license https://t.co/lgBvUUpA0S

— Neeraj K. Agrawal (@NeerajKA) July 24, 2020

Neeraj K. Agrawal, Director of Communications for Coin Center says they’re all wrong, and that there are numerous “bad takes” floating about the web.

Agrawal knows the impact of crypto-related policy. Coin Center is a “leading non-profit focused on the policy issues facing cryptocurrencies.”

“We engage in research, educate policymakers, and advocate for sensible regulatory approaches to this technology,” their website reads.

The Director of Communications for the non-profit says that all this means, is that “if you’re a bitcoin intermediary for someone living in DC you need a money transmitter license.”

Related Reading | Why Data Could Suggest Bitcoin Boredom Will Last Another Three Months

Court rulings certainly do set a precedent in many circumstances. And as Agrawal claims, the only precedent set here is that this information will be used to implicate criminals who transact with Bitcoin in Washington DC.

He clarifies this changes nothing in terms of tax reporting and capital gains. Nor does it mean that suddenly Bitcoin will be accepted at a retailer near you.

So before you join on the preemptive celebration taking place across the crypto space, consider the comments from a crypto industry leader in policy and don’t believe everything you read in the headlines.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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