Another optimistic news for Bitcoin fans. A federal judge in New York has ruled in a trial that bitcoin is a form of money.
Such decision came in a case related bitcoin exchange Coin.mx from Florida and to one of its former operators, Anthony Murgio. He was alleged of money laundering charges in July of 2015 and had sought to dismiss two of the charges against him in part by arguing that bitcoins can not be regarded as “funds” in the context of US law.
As Reuters informed, Judge Alison Nathan of the Southern District Court of New York rejected such an argument and stated that bitcoin is money by virtue of how it is used.
Nathan wrote in her ruling:
“Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment.”
The ruling comes after a court decision in Florida in which a Miami judge decided that, in accordance with state statutes, bitcoin can not be qualified as a form of money. Such decision triggered debate amongst observers and had renewed effort in the state legislature to regulate the digital currency and its use.
The Coin.mx case is related to a broader investigation by the US government into an alleged cybercrime ring connected to couple of hacks on major companies and financial institutions, including Wall Street giant JPMorgan Chase as well. According to prosecutors, Coin.mx was used as a conduit for laundering proceeds from the purported operation.
Attorney Brian Klein, who represents Murgio in the case, stated:
“The defense obviously disagrees with the Court’s denial of the motion to dismiss,” said Klein. “Anthony Murgio maintains his innocence and looks forward to clearing his name at his upcoming trial.”
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