Bitcoin News Mash-Up: MasterCard Focuses on Bitcoin; Mt. Gox Settlement; and Last Hope of Silk Road Creator

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Bitcoin News

The following are the major Bitcoin events that took place between April 30th and May 1st.

MasterCard focuses on Bitcoin to lobby in Washington
In a federal report that reveals the activities of pressure groups, it is found that MasterCard will be paying the firm Peck Madigan Jones, dedicated to facilitating the US government relations, to focus on digital currencies such as Bitcoin. Five of the company’s lobbyists will address the issue related to Bitcoin and mobile payments in general, as well as issues such as overdraft fees, identity theft and transaction fees.

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Prosecutor in the case contradicts the IRS Silk Road
The alleged creator of the online marketplace Silk Road, Ross Ulbricht, could face 30 years in prison due to allegations against him by hacking, facilitating the drug trade and money laundering. When the U.S. Internal Revenue Service declared that Bitcoin is not money, Ulbright attorney immediately filed a motion to dismiss charges of money laundering. The prosecutor responded to this request by saying that Bitcoin fits the official definition of “funds”, thus contradicting the IRS.

Sunlot and Mt. Gox Creditor Reaches Settlement
The ongoing legal battle over the future of Mt.Gox took a sudden turn when it was announced that Sunlot Holdings, the investment group that is trying to buy the company, and attorneys representing creditors, had reached a settlement. Under the proposal, former users of the exchange would support the deal to buy and relaunch Sunlot Mt.Gox in exchange for a 16.5% stake in the new company and an agreement with the main accused. According to Jay Edelson, managing partner of the law firm leading the class action in the United States, “the court may accept the proposal, reject the agreement or defer a decision.”

To contact the assembler of the news: Yashu Gola at yashu@forexminute.com

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