A federal court ruled that Bitcoin is a form of money under the Money Transfer Organizations Act in Washington, D.C.
In the case between the United States and the defendant Larry Dean Harmon, court president Beryl A. Howell ruled that Bitcoin was a form of money.
As stated by Bloomberg, Howell said, “The term ‘money’ generally means a medium of exchange, method of payment or a store of value. Bitcoin is also included in this scope. ” said.
The definition of Bitcoin as money came as part of the court’s decision not to reject charges against Larry Harmon, who runs an unlicensed Bitcoin trading platform to launder money.
Peter Van Valkenburgh, director of research at Coin Center, a Washington-based non-profit cryptocurrency and Blockchain-focused organization, said, “The decision of the district court means that Bitcoin is treated only in the context of D.C.’s money transfer institutions law. Such cases always arise, as each state has almost its own definition of money transfer. ” spoke as
Harmon’s service on darkweb is claimed to be a way to hide drugs, weapons and other illegal transactions from law enforcement. It is stated that the defendant made a transaction worth 311 million dollars between 2014 and 2017.
The court also rejected Harmon’s request to release 160 BTC seized by the government.