Prosecutors charged that Espinoza violated Florida statutes on money laundering and for operating an unlicensed money transmitting business. But the defense has argued that these laws do not apply to Espinoza's case, because he was not selling currency — he was selling bitcoin. The case highlights a conundrum that has confused digital currency companies and state regulators alike: The question is being addressed in various ways by the states' governing bodies.
North Carolina's legislature on Monday passed a bill to modify the definition of money transmitters to account for virtual currency companies. In New York, the state's financial regulator took the matter into its own hands last year by creating the BitLicense, which implicitly acknowledges that bitcoin is a store of value. Even federal regulators are divided about how to address bitcoin: InFlorida changed its definition of money transmitter bitcoin related companies miami beach account for companies dealing with virtual currency bitcoin related companies miami beach but the modification was not wide-ranging enough, according to Van Cleef.
The matter has been placed in the hands of Judge Teresa Pooler of the Miami-Dade Circuit of Florida, who is expected to deliver a ruling on the issue Friday. I think it's going to stay. Secret Service had participated in the investigation. Beyond Florida, the case could serve as an example for other states, digital currency advocates say. The case is bitcoin related companies miami beach to be litigated after Pooler's ruling.
Both parties confirmed they would go to trial if they lost. Related Banks Are 'Grabbing in the Dark': Article Underwriting self-employed borrowers Freddie Mac helps lenders to better serve this expanding market segment. Partner Insights Sponsor Content From: Comment Start the Conversation, Login.
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