Bitcoin Global News (BGN)
July 24, 2018 -- ADVFN Crypto NewsWire -- Is it a big move or
simply something that falls in with their ideology?
The USA Libertarian Party will
apparently be accepting Bitcoin as a viable way of making donations
to their campaigns.
The kicker is that they are doing
this, at first, on a very small scale, somewhat analogous with
Ripple and its pilots with banks, which do not
really signify active usage of the currency.
In the current race for Wisconsin
governor, the Libertarian candidate will officially be the leader
of the pack in this respect, even though the Wisconsin State
Ethics Commission appeared to
find that Cryptocurrencies could be very difficult, if not
impossible, to regulate.
Specifically,
representatives from the Ethics
Commission were quoted as saying that the act of letting
Cryptocurrencies act as legal tender would be a
challenge that they are not sure they could reliably
overcome.
In other words, it might be almost
impossible to decide whether these currencies are legal or illegal,
given current laws in the USA.
Phil Anderson, the Libertarian candidate in question,
explained the Libertarian Party’s decision to still accept Bitcoin
by stating that the party believes it is still acting within the
boundaries of the law. The key question here, in that case,
becomes: how can they be sure of this?
To truly answer this would require
someone who is a legal expert in the finance world, with enough
experience with Cryptocurrencies and Blockchain technology to
understand what these currencies are as well as how they can best
be defined.
All in all, this means that this
particular person needs to understand every form of asset that
exists now like the back of his or her hand. At the same time, he
or she needs to fully grasp the fact that truly defining
Cryptocurrencies as assets means possibly creating at least, a
partially new asset class, as Chris Burniske seems to suggest in his popular
work titled, Cryptoassets.
As of now, what we do know is that
US regulators have called Cryptocurrencies property, a type of commodity and other
things entirely, all at the same time.
Until they are more narrowly
defined, the best option is to take legal counsel as described
above. In the specific case of the Libertarian party, one can only
hope for their sake that they have done the same and that they are
also taking this more seriously than just treating it like a
publicity stunt.
By: BGN Editorial Staff
News:
Bitcoin
(BTC)
Cryptocurrency