Under the DC Financial Services Law a federal judge has declared on the 24th July, 2020 that Bitcoin (BTC) meets the definition of money under the Washington, D.C.’s Money Transmitters Act.
This exciting new rule comes after a case of the United States v. Harmon, which saw Larry Dean accused of running an illegal Bitcoin mixing operation. The judge Beryl A. Howell declared that Bitcoin is in fact a form of money.
“The term ‘money’, as detailed below, commonly means a medium of exchange, method of payment, or store of value. Bitcoin is these things.”
Harmon, is accused of running an underground Bitcoin trading platform known as Helix, and is facing charges of conspiracy to launder monetary instruments, operating an unlicensed money transmitting business and engaging without a license in the business of money transmission.
This news is very exciting for the crypto space, and now that Bitcoin (BTC) is seen as a form of money, and meets all three of the requirements, which make money, money we can expect big changes to the space.
Previously DC has not held any regulations regarding Bitcoin or any other cryptocurrency. However, under the Money Transmitters Act, which describes money as;
“Engaging in the business of receiving money for transmission or transmitting money within the United States, or to locations abroad, by any means, including but not limited to a payment instrument, wire, facsimile, or electronically transfer.”