Bitcoin Declared As Money By U.S. Judge In Case Of JP Morgan Chase
On Monday, a federal judge states that Bitcoin BTC qualifies as money in a decision which links to a criminal case against the JPMorgan Chase & Co and other companies over hacking attacks.
A bid was rejected by the U.S. District Judge Alison Nathan in Manhattan by the Anthony Murgio for dismissing the charges regarding his alleged operation of Coin.mx, which is called as an unlicensed bitcoin exchange by the prosecutors.
Anthony says that the bitcoin don’t qualify as funds under the federal law and prohibits the operation of the transmitting businesses of the unlicensed money.
In a 2014 case, her colleague Jed Rakoffa says that the virtual currency met this definition. Nathan further wrote that the Bitcoins are funds within the plain meaning of this definition. It can buy directly from an exchange with a bank account or be accepted as a payment of goods and services. The Bitcoins can be used as a means of payment and a medium of exchange.
Nathan wrote that the six other criminal counts faced by Murgio aren’t addressed in this decision. The lawyer for Murgio Brian Klein says he doesn’t agree with the decision. He further added that Anthony Murgio maintains his innocence and wants to clear his name at his upcoming trial.
According to authorities, Gery Shalon is the owner of the Coin.mx and he is charged with the hacking of a sprawling computer and fraud scheme along with two other men.
There was a profit of million dollars generated by this alleged scheme through pumping up stock prices, money laundering, online casinos and many other illegal activities as stated by the prosecutors.
Shalon is held at the Metropolitan Correctional Center in Manhattan and has pleaded not guilty. Last month, he hired some new lawyers and looking for a permit to replace the lawyers joined the case in June.