US judicial authorities take action again, New York federal judge rules Bitcoin is currency

A federal judge in New York has ruled that Bitcoin constitutes a form of currency.

The ruling involves Coin.mx, a now-shuttered Florida bitcoin exchange, and its former operator, Anthony Murgio.

Murgio was indicted on multiple counts of money laundering in July last year. He recently appealed to have two of the charges dismissed because Bitcoin is not considered “money” under U.S. law.

According to Reuters, Judge Alison Nathan of the Southern District Court of New York rejected his appeal, writing that Bitcoin does qualify as a currency based on its use.

Nathan wrote in his ruling:

From its basic definition, it can be seen that Bitcoin is money. Bitcoin can be used as a means of payment for goods and services, and can also be purchased directly from exchanges through bank accounts. Therefore, Bitcoin’s function as monetary funds is very obvious, as a medium of exchange and a means of payment.

This ruling comes on the heels of a Miami judge ruling in July that Bitcoin is not a currency. The Florida court's ruling that Bitcoin is not a currency has sparked heated discussions and also indirectly promoted state-level digital currency legislation.

The Coin.mx case involved a wider range of cases, so the US government conducted a large-scale investigation. Because the case involved multiple cybercrime incidents, the systems of many large companies and financial institutions were hacked, and the victims even included Wall Street giant JPMorgan Chase. According to the prosecutors in this case, Coin.mx played a role in money laundering.

Murgio’s attorney, Brian Klein, told CoinDesk that his client will not give up on overturning the charges:

Obviously, the court has no intention of dismissing the case. Anthony Murgio is innocent and he hopes that his name will not appear in the dock at the next hearing.