Bitcoin is a shape of “money” covered below the Washington, D.C., Money Transmitters Act, a federal court said Friday.
In the case of United States v. Harmon, Chief Judge Beryl A. Howell wrote that money is “generally means a medium of alternate, approach of price, or shop of price.”
“Bitcoin is these things,” Judge Howell added.
Defining bitcoin as cash became quintessential to the courtroom’s selection to no longer push aside criminal prices towards Larry Harmon, the operator of an unlicensed bitcoin buying and selling platform, for laundering cash under federal regulation.
The court’s comments mean that bitcoin “is handled as cash in the context of cash transmission licensing in D.C., not anything greater,” stated Neeraj Agrawal, director of communications at Coin Center, a cryptocurrency public coverage think tank.