What does the recent ruling in Florida mean for the future of bitcoin and cryptocurrencies?

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A judge in Miami-Dade ruled this week that bitcoin is not money, and so AML laws do not apply. What wider implications will this ruling have on bitcoins and other cryptocurrencies? Will this be a precedent that liberates or constrains cryptocurrency users going forward?

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Posted by (Questions: 4, Answers: 3)
Asked on July 26, 2016 12:55 pm
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Great question. Hopefully this will create some legislative urgency around the definition of ”money” for AML purposes. I don’t know if anyone is drafting anything? Even in the current political climate, this could/should be a bipartisan matter. Until it is resolved, this single ruling becomes the case law on which money launderers will lean in their use of crypto-currencies. FYI the judge’s order can be found at https://drive.google.com/file/d/0B5buBct5cGDZZ3duR3ozSndkc2M/view.

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