# Gavin Andresen
# 2012-07-19 13:48:15
# https://bitcointalk.org/index.php?topic=94106.msg1040742#msg1040742

I am not a lawyer, but I believe the answer depends on how bitcoins are classified by the Securities and Exchange Commission. @p{par}

If they're a currency then insider trading rules don't apply. But last time I looked the legal definition of 'currency' in the U.S. was the money issued by a recognized government.  The only insiders for a currency are the people who issue it (I bet there are strict rules on trading of any kind by Treasury or Federal Reserve employees who have inside knowledge). @p{par}

If Bitcoin gets classified as a commodity, then I'm not sure what rules apply. If an employee at Apple knows that the next generation iPad is going to use a lot of unobtanium, buys a bunch on the unobtanium exchange, then sells after the announcement for a profit are they guilty of insider trading?  Probably... @p{par}

If Bitcoin gets classified as a security, then I'm pretty sure insider trading rules would apply. @p{par}

As always, if you're an employee at, oh, I dunno, Walmart and you know that Walmart will start accepting Bitcoin next March (I can dream, can't I?) and are tempted to buy a bunch of coin now I'd suggest you talk to a lawyer first. @p{brk}