02 Apr '14, 9am

Lawyer of alleged Silk Road founder: No currency = no money laundering

Lawyer of alleged Silk Road founder: No currency = no money laundering

submitted by Ulbricht’s lawyer, Joshua Dratel, was made public on Tuesday by the Wired. The document shows Dratel was quick to react to the new definition given to bitcoin only a week ago by the Internal Revenue Service (IRS), which explained that virtual money “is treated as property” and “is not treated as currency.” The money-laundering indictment requires a ‘financial transaction ’ to be carried out with the involvement of either ‘funds ’ or ‘monetary instruments ’, Dratel argues, adding that bitcoin appears to be neither. “Thus, an essential element of §1956 – a ‘financial transaction’ – is absent because a necessary component thereof – either ‘funds’ or ‘monetary instruments’ – is lacking. Consequently, it is respectfully submitted that Count Four must be dismissed ,” Dratel says in his motion. Apart from the money laundering one, Ulbricht’s lawyer is asking to dismi...

Full article: http://rt.com/usa/silk-road-bitcoin-ulbricht-757/

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