Campaign for Pascal Reid: Case may set a precedent

The campaign site for Pascal Reid warns that the outcome of the case will set a future precedent, and therefore urges support for the benefit of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.

Reid and Michel Abner Espinoza were arrested in Florida on charges of Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term and operating an unlicensed money services business, not long after the arrests of Charlie Shrem and Robert Faiella on similar charges.

The campaign bears resemblance to that of the higher profile case of Ross William Ulbricht, whose Free Ross Ulbricht campaign has been well-publicized and garnered the support of high profile Bitcoiners like Roger Ver. Ulbricht's campaign has already gotten over $130,000 of its $250,000 goal, with $160,000 pledged by Ver.

Without stating it outright, the campaign hints that money laundering laws should not apply to bitcoins. Such arguments were recently thrown out in the Ulbricht and Faiella cases.

The campaign disputes other aspects of the accusations and evokes the plight of Reid and his family. The "legal defense has depleted" their "family of all of our resources." The high costs of monitoring fees for his house arrest and its impact on his ability to find work are also mentioned in draining finances.

One should note that highly passionate Bitcoiners disappointed by the IRS ruling that Bitcoin is not currency may have to reverse their position if they believe money laundering laws should not apply to Bitcoin. Then again, they'll counter that if the government can vary the definition depending on the application, so can they.