The US Supreme Court just spoke about a bitcoin future for the first time
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Bitcoin just made its debut in the US Supreme Court.
Crytpocurrency sites are claiming the case, Wisconsin Central Ltd. v. United States, as a bit of a landmark moment in crypto history.
There wasn’t any mention of cryptocurrency regulation though. The case is dealing with whether employee stock options represent taxable compensation.
And in considering that, Justice Stephen Breyer asked the courts about whether it was time to consider a “broader understanding” of what money was.
Breyer believes stock options should be considered a taxable form of compensation, and courts should exapnd their definition of money because:
“…perhaps one day employees will be paid in Bitcoin or some other type of cryptocurrency.”
Here it is in relation to cowrie shells and gold:
First mention of bitcoin in a U.S. Supreme Court case today in J. Breyer's dissent in Wis. Central v. U.S. At issue: are stock options are taxable "compensation" under the Railroad Retirement Tax Act. 5-4 majority says no b/c not "money remuneration". https://t.co/DNxxbsgQDw pic.twitter.com/XwC5WOMUgr
— Palley (@stephendpalley) June 21, 2018
Justices Ruth Bader Ginsburg, Sonia Sotomayor, and Elena Kagan joined Breyer in his dissent. Coindesk is one of several crypto sites claiming the moment.
It’s a passing reference. But it’s a reference from a notably conservative source, and cryptocurrency players have a reasonable right to be feeling a little bit more optimistic about the future they are workings towards.