HashFast’s $1 Million Question: Is Bitcoin a Currency or Commodity?

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Andrew “Drew” Hinkes is Counsel during Berger Singerman LLP, a business law organisation in Florida. Hinkes represents companies and entrepreneurs in state and sovereign blurb lawsuit matters, illustration of court-appointed fiduciaries, and electronic find issues.

Drew is also frequently published and cited for his work on practical currencies, intelligent contracts, distributed ledger-based technologies, mechanism information confidence and information breaches and record regulation.

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Although mixed regulators and judges have attempted to legally systematise bitcoin and other cryptocurrencies, a Bankruptcy Court in San Francisco has an event to establish either bitcoin should be treated like a commodity or like US currency.

In HashFast Technologies LLC v Lowe, a Bankruptcy Court is being asked to establish either a target of a send of bitcoins has to lapse (a) a tangible bitcoins eliminated or their stream value (treat them as property), or (b) a value of a bitcoins on a day they were eliminated (treat them as currency).

In HashFast, a debtor, Hashfast Technologies LLC, eliminated to Lowe 3,000 BTC, that were value $363,861.43 during a time. Today, they are value approximately $1.3m. The Trustee for a debtor sued to “clawback” a send into a failure estate


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