[9] Entrepreneur Charles Shrem, Pioneer of Bitcoin, Runs Into Legal Trouble

            After the dot-com boom, when the internet was created, there have been handfuls of tremendous innovations that change the way we live. However, some of these innovations have come into legal trouble, as they pioneer touchy new ground. The article, Legal Troubles Barely Subdue a Bitcoin Evangelist’s Sermons, published in the New York Times Dealbook, by Nathaniel Popper, describes the legal issues a leader of the currency company Bitcoin, Charles Shrem. The currency that the company distributes, Bitcoins, are virtual and can be traded into real-world currencies. They are stored on a digital ‘wallet’, often kept on a flash drive. Mr. Shrem has been accused of money laundering and doing drugs, both while using Bitcoin. This fantastic invention which could wipe out paper money and unite the world under one currency, however many ethical issues must be solved.

            The author, Nathaniel Popper, uses some interesting creative devices in the article. When he is describing Mr. Shrem, he uses words like “frenetic” and compares him to a “sports announcer” to better describe him. The author also uses quote to illustrate key ideas. The quotes that the author uses help add depth and illustrate the different viewpoints of the issue. The Mr. Popper takes quotes from people who are involved directly in the issues that help the reader form their own opinions about it. These craft moves have helped me form my opinions about the issue.

            In my opinion, I think that the some of the charges that have been pressed should hold, but others should not. The accusation of money laundering comes from Mr. Shrem supposedly helped drug addicts gain access to illegal drugs. This charge should be waved, as it has to do with the fact that Bitcoin provides an anonymous way to purchase products. Mr. Shrem and the other executives of Bitcoin are entrepreneurs, and legal material that was never meant to apply to situations such as this one is being used. The court should re-assess the charges and then decide to continue or drop the case. As Mr. Shrem said, “back then [when he committed the offenses] I wasn’t as educated on what was legal and what was not legal.” Mr. Shrem is an entrepreneur who could further develop Bitcoin, and he should not be held back from that if he has not committed a serious crime.

            This article illustrates a tremendous problem in modern day society, and the author illustrates the issue with interesting craft moves. Many laws, often created hundreds of years ago, are still used by courts to address issues which have nuances that are not recognized by these laws. These laws often limit the ways in which entrepreneurs can expand and innovate, and new laws should be drafted which can address the current offenses directly.