Bitcoin first mentioned in the US Supreme Court Opinion

On Thursday Bitcoin made its first appearance in an opinion issued by the US Supreme Court
21 June 2018   1852

The case, Wisconsin Central Ltd. v. United States, is not connected with bitcoin’s regulatory or legal status. It checked whether employee stock options perform  taxable compensation under the Railroad Retirement Tax Act of 1937. That might  seem like an unlikely location for a  bitcoin discussion to be kept, but, however, as justices noted in both the majority and dissenting opinions, the matter made them to consider a fundamental question that has also taken on a renewed importance in the decade following the publication of the Bitcoin whitepaper: “What is money?”

Finally, the 5-4 majority stated that employees should not be taxed for exercising stock options since the action does not constitute “money remuneration.” Nevertheless, writing in a dissenting opinion, Justice Stephen Breyer reasoned for a “broader understanding of money” and claimed that stock options should be classified as taxable compensation.

Breyer, J.
Breyer, J., dissenting

Breyer’s opinion, which contained a citation to Money: The Unauthorized Biography -  From Coinage to Cryptocurrencies, referred bitcoin as an example of the changing nature of money and supposed that “perhaps one day employees will be paid in Bitcoin or some other cryptocurrency.”

When Thursday noticed the first instance of the word “bitcoin” being embelled in a Supreme Court opinion, it’s unlikely to be the last. Actually, cryptocurrency’s perceived association with drug trafficking and other criminal activities could make a prominent appearance in a case whose petition is presently expected before the Court.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.