Bloomberg Law
July 24, 2020, 4:55 PMUpdated: July 24, 2020, 8:20 PM

Bitcoin Deemed ‘Money’ Under D.C. Financial Services Law (2)

Maeve Allsup
Maeve Allsup
Legal Reporter
Lydia Beyoud
Lydia Beyoud
Fintech & Regtech Reporter

The virtual currency known as Bitcoin is a form of “money” covered under the Washington, D.C., Money Transmitters Act, a federal court said Friday.

The court declined to dismiss criminal charges against Larry Dean Harmon, the operator of an underground Bitcoin trading platform, for running an unlicensed money transmitting business under D.C. law and for laundering money under federal law.

The ruling will likely have minimal impact on how Bitcoin is treated by the market, but establishes parameters on how the District of Columbia regulates cryptocurrency in money transmission. It also brings the D.C. rule in line with how federal ...

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