Alleged Silk Road Founder Can't Be Guilty Of Money Laundering Since Bitcoin Isn't Money, Argues Lawyer
Silk Road was the anonymous marketplace for drugs and weaponry favored by the internet's Bitcoin black market.
Attorney Joshua Dratel wrote a memo calling for a dismissal of some charges against Ulbricht, stating that "both IRS and FinCEN have categorically declared that Bitcoins are not 'funds.' Thus, an essential element of §1956 - a 'financial transaction' - is absent because a necessary component thereof - either 'funds' or 'monetary instruments' - is lacking. Consequently, it is respectfully submitted that Count Four must be dismissed."
Ulbricht was indicted in both New York and Maryland, and these potential dismissals would only slightly alleviate Ulbricht's legal situation as they only apply in New York.
Even if they were dropped, there's still one narcotics conspiracy charge, one count of running a criminal enterprise, and one count of conspiracy to commit computer hacking. Dratel is moving for these to be dismissed as well, citing them as "unconstitutionally vague."
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