Bitcoin In Bankruptcy: Is It Commodity Or Currency?
Law360, New York (February 18, 2016, 10:26 AM EST) -- Isaac M. Marcushamer
Andrew M. Hinkes The question of “what is bitcoin?” remains unanswered, eight years into bitcoin’s existence. Although multiple regulators and judges have opined with varying approaches and classifications, a bankruptcy court in San Francisco is being asked to determine whether bitcoin should be treated as a commodity or U.S. currency. In this case, the classification of the transfer matters. In Hashfast Technologies LLC v. Lowe, Case No: 15-03011 (Bankr. N.D. Cal 2015), the bankruptcy court is being asked to determine whether the recipient of a transfer of bitcoins has to return the actual bitcoins (or their value today),...
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