Following a Florida court ruling that tossed out charges of money laundering on the grounds that Bitcoin wasn’t legally “money” with which to be laundered, a state senator in Florida is drafting new legislation that could change that legal status. Hukill argues that such a bill is needed due to growing interest in Bitcoin as a form of payment, and mentioning examples of local businesses starting to accept the digital currency.
Bitcoin as Money Legislation
According to CoinDesk, Senator Dorothy Hukill, a republican who serves as chain of the state’s Finance Tax Committee, is in the early stages of drafting legislation that will seek to balance protections for consumers and startups by granting Bitcoin legal recognition as money. The effort is seen as a response to Florida judge tossed out charges in a criminal case earlier this year on the grounds that Bitcoin doesn’t fit the state’s definition of money transmission. (For more, see: Florida Court: Bitcoin is Not Money (Yet))
The relevant court ruling in Miami came from the case of Michell Esponiza, the defendant, who allegedly sold $1,500 worth of bitcoin to undercover police agents with the intent to illegally purchase stolen credit