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US judge rules that Bitcoin counts as money


Wealth exchanged on the peer-to-peer Bitcoin network constitutes “funds” for the purposes of federal criminal law, a US District Court judge ruled Monday.

In a narrow sense, the decision means defendant Anthony Murgio can be tried on charges he violated federal law by operating an unlicensed money-transmitting business. More broadly, however, the designation could help normalize financial regulation of the cryptocurrency, perhaps bringing it out of the shadows and into the mainstream.

In a 36-page memorandum and order, Judge Alison Nathan in the Southern District of New York rejected Mr. Murgio’s argument that he dealt in bitcoins, not “funds” – a term the relevant criminal statute does not define. – READ MORE

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