Bitcoin – Commodity Or Currency; California Bankruptcy Judge To Decide

Bitcoin – Commodity Or Currency; California Bankruptcy Judge To Decide

Bitcoin’s status as either a currency or a commodity is at the center of a California lawsuit between a bitcoin mining computer company and a person the company paid to promote it, according to The Recorder, a California legal and technology newspaper.

Marc Lowe, a California doctor, received payment in bitcoin to promote HashFast Technologies’ bitcoin mining computer.

HashFast Technologies filed for bankruptcy in 2014 and its bankruptcy trustees claim the doctor was overpaid and want him to return the payment of 3,000 bitcoin, now worth $1.2 million. They argued bitcoin is a commodity that fluctuates in price. The doctor, in response, argued it’s a currency.

A hearing for summary judgment is scheduled for Feb. 19 in U.S. Bankruptcy Judge Dennis Montali of the Northern District of California.

No Established Bankruptcy Law for Bitcoin

Duane Morris partner Aron Oliner, the lawyer representing the trustee in the bankruptcy case, said there is no decided law in the bankruptcy courts on the issue of bitcoin’s status as a currency. He said bitcoin has increased in

Read more ... source: TheBitcoinNews

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