Any story related to Bitcoin is bound to get some media attention sooner rather than later. For Morgan Rockcoons, one of the more notorious traders in history, it is close to crunch time. He was arrested a while ago for running a money laundering scheme. It is evident this story is just one of many which revolve around the illicit use of Bitcoin.
For those unaware, Morgan Rockcoons was arrested in late 2017. This is the result of a sting operation which tracked down his Bitcoin trading habits. More specifically, his trades on behalf of a butane oil manufacturer got a lot of attention. When the officials found out he did so without a license or complying with AML rules, arresting him was the only logical outcome. As of right now, Rockcoons is charged with money laundering and operating an unlicensed money transmitting business.
Morgan Rockcoons Case is Critical
As one would expect, this development spurs a growing debate over Bitcoin regulation. This new form of money creates a lot of opportunities. At the same time, it is also commonly associated with illicit activities and money laundering, among other things. Criminals have taken a liking to Bitcoin, even though its lack of privacy and anonymity makes it less suited. The big question is whether or not Morgan Rockcoons can expect any new legal repercussions we have not seen so far.
More specifically, it is evident Morgan Rockcoons doesn’t agree with his arrest. In his opinion, the US government wants to ban Bitcoin use altogether. It is a very outspoken opinion, although one that can easily be echoed by virtual currency enthusiasts. Turning the use of Bitcoin into a crime will create a very dangerous precedent for future court cases. It is not an ideal situation, but neither was laundering money with a cryptocurrency already fighting an uphill PR battle.
It is evident this particular case will send shockwaves throughout the Bitcoin industry. A favorable outcome will be considered to be a major victory for cryptocurrency users. A negative outcome will put Bitcoin users in the crosshairs of the Federal Government. It is unclear which way the case will swing as of right now. One thing is evident: the legal issues surrounding Bitcoin are not settled by any means. With so many different opinions and verdicts regarding the status of Bitcoin, there is no unified course of action to speak of.
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