In what may be more sensationalism than substance, a Florida state senator on Sept. 6 is forging legislation to ‘legalize’ Bitcoin as money, and validate its recognition as a currency.
Several states over the past three years have introduced legislation to bring back gold as money, but unlike the crypto-currency Bitcoin, these have a foundation as being recognized as money in the U.S. Constitution.
A Florida state senator is drafting legislation that could see bitcoin recognized as money in the US state.
Senator Dorothy Hukill says that while in the early stages, the draft legislation will seek to balance protections for consumers and startups. The effort carries additional weight given that a Florida judge tossed out charges in a criminal case earlier this year on the grounds that bitcoin doesn’t fit the state’s definition of money transmission.
Hukill, a Republican who represents Florida’s eighth district and serves as chair of the Finance & Tax Committee, suggested that the particulars of the bill – the first of its kind in Florida – are still being developed.
Hukill told CoinDesk:
“I think you have to recognize it at some level, so you can legislate and protect your constituents. Then you have to figure out what you recognize it as and how you regulate it.” – Coin Desk
Users of Bitcoin should immediately be wary of this, and any other attempts by regulators and legislators to ‘legalize’ the digital currency since its key attribute is the fact that it is de-centralized and functions outside the purview of government controls.
Governments do not like anything it cannot tax, regulate, or legislate controls over, and it is one of the biggest benefits that has helped Bitcoin to last as long as it has despite numerous attempts to discredit, destroy, or simply vilify the crypto-currency by numerous courts, legislators, and regulators. And any attempt to make the digital money ‘legal’ is just another facade to try to seize control over its use and distribution, and should be rejected by those wanting to perform commerce outside the strictures of government administration.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.