Bitcoin is ruled by a U.S. judge: is a currency or monetary use of American law

Beijing Time August 8 news, according to foreign media reports, in the U.S. Securities and Exchange Commission (SEC), BTCST, founder of Trendon Shavers suspected fraud in the case, the U.S. federal judge in Wednesday ruled that Bitcoin should be considered currency, Therefore, all relevant investment funds and transactions should be governed by the United States securities law.

In a memo published in Tuesday, Judge Amos Mazat (Amos Mazzant) wrote that Bitcoin was "a currency" and therefore applied United States law, which the Court had jurisdiction over.

BTCST is a hedge fund that invests in bitcoin, whose founder is a man named Trendon Shavers, an American Texas State. Because many people suspected it was a hoax, BTCST closed in August 2012. The SEC formally sued Trendon Shavers for a Ponzi scheme in July 2013.

Earlier, the SEC had said that Trendon shavers "in 2011 and 2012 relying on BTCST at least raised 700,000 Bitcoin, at the time of the average price of bitcoin, these bitcoin equivalent to 4.5 million U.S. dollars." ”

Trendon Shavers did not respond immediately to this ruling by the Federal court.

Earlier this year, the federal agency's Financial Crime Enforcement Network (Financial crimes Enforcement receptacle, referred to as FinCEN) stipulated that commercial transactions related to Bitcoin should be considered currency services and should therefore be governed by the securities law.