As the Silk Road show trial continues with Preet Bharara's team and Judge Forrest doing everything they can to suppress evidence that might allow for reasonable doubt, while permitting accusatory evidence without regard for its origin the battle has moved on to challenging the defense's witnesses. Continue reading
Tonight Obama takes to the pulpit for his speech nominally designated the "State of the Union" though so far his earlier attempts had more the impression of being a wish list of changes Obama would like applied to the Union. Ready to go on the White House website he even has a pdf of changes he would like to make to the federal law in order to deter "Cyber crime" further through empowering law enforcement. Continue reading
As John D Powell took a plea deal and plead guilty to two charges of operating an unlicensed money service business, few court documents are available. The documents that are available depict an articulate man who experienced a run of misfortune prior to his involvement with Bitcoin.
In a letter to Judge Shadid, Mr Powell cites the break down of his marriage and stress of surviving an aortic dissection as explanation for his decision to operate an unlicensed Bitcoin exchange. One could be forgiven for mistaking Powell's letter as one penned by a murderer who is remorseful for his crimes and if as claimed by the State, Powell did process USD $3 million in Bitcoin, it's clear it was a beacon of light for him despite yielding to the court in his apology letter. Continue reading
The United States Securities and Exchange Commission has fined Ethan Burnside for operating the Bitcoin Trading Company (BTC-TC) and Litecoin Global (LTC-Global) virtual currency securities exchanges. Per the SEC's order Ethan Burnside will pay: Continue reading
Last Thursday, Bankruptcy Judge Dennis Montali approved a joint statement from HashFast and its creditors in which it is made clear that no-one other than Simon Barber is interested in purchasing the remaining assets. Early last month, HashFast was ordered to auction off its assets but plans for the auction have been scuttled at the last moment as the Bid Procedures Order only received "lowball offers."
In addition to the joint statement released last Thursday, a document dated October 31st was made available. This document shows that a Venezuelan congressman by the name of Guido Ochoa made a bid of $420,000, which was accepted, for all HashFast assets but the ASICs. Continue reading
Outgoing United States Representative Steve Stockman of Texas has proposed a bill, H.R. 5777 that if it became law would impose a moratorium of five years on regulatory and statutory constraints upon cryptocurrency, as well as changing the treatment of cryptocurrencies under United States tax law to that enjoyed by traditional currencies. The moratorium proposed would apply to regulations and statutes at both the state and federal level. The chance this bill passes either house of the legislature is remote given a lack of support and Stockman's limited remaining time in Congress. If it makes it out of Congress its chance of becoming law would still be rather remote, because it would arrive on Obama's desk and require his signature. At present the bill has been introduced to the floor of the House and referred to both the House Finance Committee and the House Ways and Means Committee. Continue reading
A recent report by the United Nations High Commision for Human Rights Committee on Torture excoriated the United States for its human rights record at home and abroad in it first review of the United States since 2006. The United States record was reviewed along with those of several other parties to the 1987 U.N Convention Against Torture which was ratified by the United States in 1994. A number of issues raised in the committee's conclusions include: Continue reading
In a piece appearing on ZDnet today Ken Hess wrote a about his letter campaign to inform United States Senators of "Bitcoin's illegality" and of how Tom Coburn's office responded. Mr. Hess's case for Bitcoin illegality consist of his reading of Article 1, Section 8, Clause 5 of the United States constitution which enumerates as a power of Congress: Continue reading
Today the United States Marshals Service has opened an auction for 50,000 more Bitcoins seized from Ross Ulbricht. The bidder registration period began today at 9:00 AM Eastern Standard time and continues through noon on Monday December 1st, 2014. Bids in the auction are to be entered by registered bidders on December 4th, 2014 from 8:00 AM through 2:00 PM, Eastern Standard time. Friday December 5th the winning bidders will be notified by the United States Marshals Service. Notified winners must initiate a wire transfer from a bank located in the United States and present a receipt for the wire transfer to the Marshals Service by 2:00 PM Eastern Standard time on Monday December 8th, 2014. Further details on the Auction structure: Continue reading