07 Aug '13, 12pm

US judge rules bitcoin ‘is a currency or form of money’

US judge rules bitcoin ‘is a currency or form of money’

A judge in Texas has ruled that bitcoin is a currency or form of money, which gives the Securities and Exchange Commission (SEC) the go-ahead to sue Ponzi scheme operator Trendon Shavers. A document signed by US magistrate judge Amos L. Mazzant details the SEC’s case against Shavers, founder and operator of Bitcoin Savings and Trust (BTCST) , formerly known as First Pirate Savings & Trust. Shavers enticed people to invest in BTCST with the promise of 1% interest per day. Some investors suffered losses, totalling 263,104 BTC, which equates to around $25 million, based on current exchange rates. The SEC asserts Shavers defrauded investors and that the BTCST investments are classed as securities, as defined by Federal Securities Laws. Shavers, however, argues the BTCST investments are not securities because bitcoin is not money, nor is it part of anything regulated by the US ...

Full article: http://www.coindesk.com/us-judge-rules-bitcoin-is-a-curre...

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