Case Squibs: Bitcoin is Money
Bitcoin is money, even when you don’t want it to be. Several courts have found that it satisfies the “investment of money” element of the Howey test. Apparently, you’re only a maximalist when you’re not responding to an SEC complaint that you’ve violated the Securities Act.
Anyway, here’s a convenient string cite: “It is clear that Bitcoin can be used as money. It can be used to purchase goods or services, and as [the Defendant stated], used to pay for individual living expenses. The only limitation of Bitcoin is that is is limited to those place that accept it as currency. Therefore, Bitcoin is a currency or form of money, and investors wishing to invest in BTCST provided an investment of money.” SEC v. Shavers, №4:13-CV-416, 2013 U.S. Dist. LEXIS 110018, at *4–5 (E.D. Tex. Aug. 6, 2013) (Bitcoin satisfies the “investment of money” element of the Howey test for pursposes of a ’33 Act analysis) cited by United States v. Faiella, 39 F. Supp. 3d 544 (S.D.N.Y. 2014); United States v. 50.44 Bitcoins, 2016 U.S. Dist. LEXS 70404 (D.Md. 2016); Rensel v. Centra Tech, 2018 U.S. Dist. LEXIS 100720 (S.D. Fl. 2018).