• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

NY Judge Denie Motion cancel All Count Against Allege Silk Road

newsbtc by newsbtc
7 years ago
in Cryptocurrency news
Reading Time: 2min read
Advertisement

New York District Judge Katherine B. Forrest denied a motion to dismiss all counts against alleged Silk Road operator Ross Ulbricht in a July 9th filing out of the United States District Court for the Southern District of New York.

The news comes a little over three months following reports that indicated Ulbricht’s legal counsel had attempted to have all charges against him dropped using a recent IRS guidance on bitcoin.

That guidance dictated that for the sake of Federal tax purposes, bitcoin should be treated as property. Ulbricht’s attorney, Joshua Dratel, used the guidance to his and his client’s advantage by arguing that if bitcoin is property, he couldn’t have been laundering money:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

[blockquote style=”2″]Bitcoin does not qualify under any prong of that definition. Both IRS and FinCEN havecategorically declared that Bitcoins are not “funds.” Also, a “monetary instrument” is either “coin or currency of the United States or of any other country, travelers’ checks, personalchecks, bank checks, and money orders,” §1956(c)(5)(i) – again, negated by IRS’s and FinCEN’s pronouncements – or “investment securities or negotiable instruments, in bearer formor otherwise in such form that title thereto passes upon delivery[,]” §1956(c)(5)(ii) – a character neither IRS nor FinCEN has ascribed to Bitcoin.[/blockquote]

Silk Road Decision by FrancisBerkman

Judge Forrest didn’t quite see it that way, writing the following in the decision:

[blockquote style=”2″]The money laundering statute is broad enough to encompass use of Bitcoins in financial transactions. Any other reading would — in light of Bitcoins’ sole raison d’etre — be nonsensical.[/blockquote]

Continued…

[blockquote style=”2″]There is no doubt that if a narcotics transaction was paid for in cash, which was later exchanges for gold, and then converted back to cash, that would constitute a money laundering transaction.[/blockquote]

The bottom line, according to Judge Forrest is that, “One can money launder using Bitcoin.”

Forrest concluded that “the defendant’s motion to dismiss is DENIED in its entirety.”

Ross Ulbricht’s trial is slated to begin on the 3rd of November.

Tags: chargeslegalNewsrossulbrichtsilkroad
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Price Outlook: Executive Sees BTC/USD At $60,000

2 hours ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Flips Strong Resistance Levels as Price Eyes $2,000-Retest

4 hours ago
Blockchain is Finally Becoming What Was Promised

Blockchain is Finally Becoming What Was Promised

22 hours ago
Chainlink Paints Golden Cross as BlockFi Announces LINK Support

Chainlink Paints Golden Cross as BlockFi Announces LINK Support

1 day ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

1 day ago
Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.