NBC NEWS – Is the “online crypto-currency” Bitcoin money like dollars or is it no more the business of government regulators than virtual gold pieces in an online game? A federal judge may have ended the controversy with an opinion issued in a Bitcoin-related fraud case — and the verdict is: It’s money.
The defendant, Texan Trendon Shavers, is accused by the SEC of committing fraud in the form of a Bitcoin-based Ponzi schemeworth millions of dollars in today’s Bitcoin market. But Shavers challenged the authority of the U.S. District Court where he was being tried, on the grounds that Bitcoins do not actually meet the definition of money, and therefore could not be the basis for a fraud charge.
Read more at NBC News.