Anti-Money Laundering Laws Don’t Cover Bitcoins, Court Hears in Test Case

A recent Florida case raises questions about the regulation and use of Bitcoins. The defense attorney of a man being charged with money laundering argued that his client had not broken any rules because Bitcoins aren't covered by Florida's Money Laundering Act. Partner Bill Shepherd points out that this is the first state-level case involving this type of issue in the U.S and the ruling will hold significance across the country.

"The defense theory is a good challenge to bring based on the state statute, and it will be a new area for the courts," Mr. Shepherd said.

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