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I believe the OCC, FDIC, SEC, IRS, and whatever other agencies have differing definitions and bitcoin generally gets the least favorable interpretation in each circumstance. There appears to be no consensus, so I wouldn't consider this a black and white "it's not money so we're fine" issue. If it were this clear, the SEC could pack it up and go home, no?
You're right. My initial gut reaction was premature. It would open a Pandora's box, though, for the government to try something. There are already international currency laws wherein nations respect each other's currencies. Nevertheless, the U.S. doesn't recognize bitcoin as a currency, despite El Salvador. I think an important reason is the IRS benefits from capital gains each time there's a bitcoin transaction. They don't want this challenged in court. They stand to lose a huge revenue source, and this also helps them to slow bitcoin adoption in the U.S.
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