To be {money|cash}, {or not|or otherwise} to be {money|cash}? That is the {question|concern|inquiry} when it {comes to|concerns|pertains to|involves} Bitcoin. {Many people|Lots of people|Many individuals} {around the world|worldwide|around the globe|all over the world} have {a very|an extremely|a really} {vague|unclear|obscure} understanding of {what|exactly what|just what} {money|cash} {actually|really|in fact} is, {and|as well as|and also} this {can|could} {certainly|definitely|absolutely} {extend to|encompass|reach|include} the {judges|courts} at {federal|government} {levels|degrees}, {who|that} are {now|currently} {having to|needing to} {wrestle with|duke it out} this {definition|meaning|interpretation}

1. Bitcoin is Money, Rules New York Federal Judge
teamsteverhyner.com/bitcoin-is-money-rules-new-york-federal-judge/
To be money, or not to be money? That is the question when it comes to Bitcoin. Many people around the world
have a very vague understanding of what money actually is, and this can certainly extend to the judges at federal
levels, who are now having to wrestle with this definition. In a new case dealing with a recently hacking of J.P.
Morgan Chase, and other financial companies, a New York Federal District Judge has ruled that Bitcoin does indeed
qualify as money.
According to Reuters, Anthony Murgio is seeking to dismiss charges against him related to his alleged operation of
the Bitcoin exchange known as Coin.mx, which prosecutors have called unlicensed. Murgio argues that Bitcoins
cannot qualify as ‘funds’ under the federal law, which prohibits the operation of an unlicensed money transmitting
businesses. U.S. District Judge Alison Nathan disagreed, stating the following in a written statement:
“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.”
This was explained at a pretrial hearing in an effort to have the case thrown out by Murgio, who faces another six
criminal counts at trial. The prosecution claims that Coin.mx was owned by Gery Shalon, an Israeli man who has
been charged with running a computer fraud scheme that targeted several companies, including J.P. Morgan Chase.
It sought to expose personal data of more than 100 million people. The case detail is U.S. v Murgio et al, U.S.
District Court, Southern District of New York, No. 15-cr-00769.
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2. How Bitcoin is seen has a great deal to do with where the case is heard, as not all jurisdictions see Bitcoin, or the
definition of money, the same way. This most recent decision mirrors a decision made in the same U.S. District
Court twenty-five months ago by Jed Rakoff. Judge Rakoff also found that Bitcoin qualifies as money on August
19th, 2014 in the case is U.S. v. Faiella, 14-cr-00243, US District Court for the Southern District of New York.
In that decision, Rakoff referenced a
precedent-setting decision, in his
opinion, by a Texas magistrate in the
case of SEC v. Shavers, 2013 WL
4028182 held the previous August,
which held that Bitcoins “were a currency or form of money.”
Less than two months ago, we reported on this same issue being adjudicated in Miami, Florida. The money
laundering criminal case had to sort out if Bitcoin qualified as money that could represent a financial transaction, in
the view of the Judge Teresa Poller, it did not. Poller did not reference the cases in New York or Texas as
precedence. This actually is beneficial to the greater community in the area, as money laundering laws cannot be
easily thrown towards those using Bitcoin, which could be a means of dissuading its use.
Re-posted from www.cointelegraph.com by Evander Smart September 20. 2016
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3. Steven L. Rhyner
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