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Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)

Southern District of New York Judge Katherine Polk Failla has ruled that purchasing cryptocurrency with a Chase Bank credit card does not necessarily count as a cash advance, as per Chase’s contract. Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)

According to an opinion and order document dated August 1, Judge Failla has denied Chase’s motion to dismiss a number of the plaintiff’s complaints, which center on the bank charging a user cash advance fees for buying cryptocurrency with a Chase credit card.

The plaintiffs are Brady Tucker, Ryan Hilton, and Stanton Smith, who have brought a class action suit against the banking giant Chase.

In the document, Failla summarized their class action suit as follows:

“This claim — indeed, the entirety of Plaintiffs’ suit — is built on an argument that acquisitions of cryptocurrency could not be classified as cash advances within the meaning of the Contracts. […] Chase disagrees, claiming that cryptocurrency acquisitions are ‘cash-like transactions’ pursuant to the Contracts, and thus cash advances. The parties’ dispute thus boils down to a difference of opinion concerning the proper interpretation of the term ‘cash-like transaction.’”

The reason that a number of Chase’s dismissal motions have not gone through is because Judge Failla believes that the plaintiffs have provided a reasonable interpretation of the term “cash-like transaction” in the context of Chase’s contract.

As Failla also explains in the document, the plaintiffs are interpreting the word cash as referring only to fiat money, and cash-like as referring only to legally-recognized claims on cash — such as checks, money orders, and wire transfers, and notably not cryptocurrency. The defendants, on the other hand, believe that the term cash-like transactions applies to any means of payment, cryptocurrency-based or otherwise.

Notably, Judge Failla has not sided with the plaintiffs and said that their interpretation is correct. Rather, Failla has simply noted that their interpretation is plausible enough for them to proceed with their class action case. Failla wrote:

“At this point in the proceedings, however, it is irrelevant whether Chase’s interpretation of ‘cashlike transactions’ is more reasonable than Plaintiffs’. […] Because Plaintiffs have identified a reasonable interpretation of ‘cash-like transactions’ that would exclude purchases of cryptocurrency, the breach of contract claim survives the motion to dismiss.”

Updated: 1-29-2020

Fearing Revolt, Roger Ver’s Bitcoin.com Backs Down From Proposed BCH Mining Tax

According to a statement earlier today, Jan. 28, Roger Ver’s Bitcoin.com is backing down from the 12.5% mining tax on Bitcoin Cash they proposed along with other major BCH mining pools owing to the community’s overwhelming negative response to the proposal.

Bitcoin.com’s Position

Last week, Bitcoin Cash (BCH) personalities proposed a 12.5% tax on mining rewards that would ostensibly go to funding network development. Now Bitcoin.com has rejected the proposed mining tax unless serious alterations are made:

“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible. We think it is clear that the existing proposal does not have enough support.”

In the post, Bitcoin.com urged transparency, flexibility and unity.

Bitcoin.com suggests that a lack of ecosystem agreement risks a split in the chain, though they seem to be looking for ways to fund further development:

“We will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”

The post ends with a call for more flexibility:

“A permanent proposal would be in effect a carte blanche on development and would incentivise “development for development’s sake,” which would defeat the purpose of the fundraising […] to create fast, reliable, digital cash upon a stable, largely unchanging, economically rational Bitcoin protocol.”

Critics Attack The Proposal

Cointelegraph reported last week on the proposed tax published by Btc.top CEO Jiang Zhuoer. The “infrastructure funding plan” would have miners send 12.5% of mining rewards to an entity in Hong Kong. The co-signing entities repped 27% of hashrates. Most controversially, the proposal included “orphaning” non-compliant miners — the practice of removing blocks from the chain that resembles a 51 percent attack.

Critics underscored the routing of funds to a corporation instead of a nonprofit and the absenting of a voting procedure, which would mean company owners would control BCH development. Other complaints included Chinese government interference and profitability since the tax would affect miner revenues.

In other news on cryptocurrencies looking to fund development, Litecoin’s Charlie Lee pitched that miners donate 1% of their rewards to development on Jan. 24.

Cointelegraph.com reached out Roger Ver for comments but hadn’t received any at press time.

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