01 Apr '14, 7pm

Alleged Silk Road founder can't be guilty of money laundering since Bitcoin isn't money, argues lawyer.

Alleged Silk Road founder can't be guilty of money laundering since Bitcoin isn't money, argues lawyer.

Free Ross Ulbricht Ross Ulbricht See Also The Toy Car Company That Launched At Apple's Developer Conference Thinks It's Solved 3 Major Problems In Robotics 8 Things You Never Knew Your iPhone's Headphones Could Do How To Instantly Browse The Most Popular Images From All Of Reddit The IRS recently ruled that Bitcoin is property , not a "monetary instrument." And now the attorney for alleged Silk Road founder Ross Ulbricht is arguing that his client must be innocent of money laundering because Bitcoin officially isn't money, reports Wired . Silk Road was the anonymous marketplace for drugs and weaponry favored by the internet's Bitcoin black market. Attorney Joshua Dratel wrote a memo calling for a dismissal of some charges against Ulbricht, stating that "both IRS and FinCEN have categorically declared that Bitcoins are not 'funds.' Thus, an essential element of §1956 — a 'f...

Full article: http://www.businessinsider.com/ross-ulbricht-money-launde...

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Alleged Silk Road owner says he can't be guilty of money laundering if bitcoin isn't money

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