2 November 2024
D.C. Financial Services Considers Bitcoin As A Money
As per the Federal court’s, Washington, D.C., Money Transmitters Act Bitcoin is a form of “money.”
A man was prosecuted on multiple counts for running a Bitcoin (BTC) tumbler — a method of hiding Bitcoin transactions. Back in December 2019, the court charged the defendant on three counts that include operating an unlicensed money transmitting business.
The document states: “After examination of the relevant statutes, case law, and other sources, the Court concludes that bitcoin is money under the MTA and that Helix, as described in the indictment, was an ‘unlicensed money transmitting business’ under applicable federal law.”
Though it seems that ruling was in favor of Bitcoin’s classification as money, current law requires a money transmission when dealing with Bitcoin, even though the coin is not technically under a monetary classification.
The accused named Larry Dean Harmon used to run a Bitcoin tumbler business, named Helix, on the dark web. These types of mixer make it difficult to trace the bitcoin transaction data. The document detailed that Harmon saw roughly 354,468 BTC flow through his business from 2014 to 2017.
The court charged Harmon on three illegal acts: Conspiracy to launder monetary instruments, operating an unlicensed money transmitting business, and engaging in money transmission business without a license.
Harmon argued that two of the accusations were false but the dismissal was not granted.
The document read, “The motion to dismiss raises two novel questions: Is bitcoin “money” for purposes of the District of Columbia’s MTA? Was Helix, which operated as a bitcoin tumbler, an ‘unlicensed money transmitting business.’”
Discussion
0 comments