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by ChuckMcM 3599 days ago
I wonder if anyone has used this as evidence that Bitcoin should not be regulated under FinCen rules (as its property not currency). I guess it would depend in part how the Marshall's service treats foreign currency they seize.
3 comments
djrogers 3598 days ago
No - the actions of a bureaucrat, or a bureaucratic committee are not grounds for court decisions. A court could force them to treat bitcoin a currency, but they can't force a court to recognize bitcoin as property.
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cloudjacker 3598 days ago
The IRS designated it as property because they do not have the authority to designate anything as currency, only Congress does.

FinCen is not limited in congressional currency designations to carry out its regulations. Only services that exchange national currency to bitcoin are regulated under FinCen. Bitcoin is not regulated by FinCen.

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st3v3r 3598 days ago
It's a one time action. They're operating under what they know right now. In the future, if things change with how the government treats Bitcoin, they'll probably change their liquidation procedures accordingly.
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