Miami Judge Rules Bitcoin Is Not Money; Dismisses Money Laundering, Transmitting Charges
Miami-Dade Circuit Judge Teresa Pooler has dismissed a money-laundering case involving an alleged “illegal sale” of bitcoins, after declaring that under the laws of the state, the digital currency is not considered to be a form of money. Defendant Michell Espinoza was arrested after being accused of selling bitcoins to undercover detectives who told him....
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A landmark criminal case believed to be the first involving a money-laundering charge involving bitcoin has seen its verdict. The criminal charges thrown out, with bitcoin not deemed to qualify as money, according to the ruling judge. Defendant Michell Espinoza was arrested in 201andmd charged with “illegally selling and laundering” $1,500 in bitcoin to an undercover law enforcement officer. Prosecutors alleged that Espinoza had violated Florida’s anti-money laundering law by operating as an unlicensed money transmitting business. However, Miami-Dade Circuit Judge Teresa Mary Pooler has....
An argument being presented in an American courtroom will alarm many common sense observers: bitcoin isn’t real money, so someone accused of laundering it shouldn’t be convicted of money laundering. This is the argument that attorneys are using in asking a Florida judge to dismiss money laundering charges against Michell Espinoza, a Miami man who police say sold and laundered $1,500 worth of bitcoins to undercover detectives, according to The Miami Herald. Economics Professor Testifies. Charles Evans, an economics professor at Barry University, acting as a defense witness, told the court....
A Miami judge just ruled that Bitcoin is not money, and its sale unintentionally for illegal purposes does not constitute money laundering. In a money laundering case where Florida man Michell Espinoza was accused of laundering money by selling Bitcoin to detectives who implied they were going to use it for illegal activity, presiding judge Teresa Pooler ruled that Bitcoin does not qualify as a financial instrument. “The definition of “financial transaction is found in § 896.101(2)(d), Fla. Stat. A “financial transaction” is a “transaction… involving one or more monetary instruments, which....
To be money, or not to be money? That is the question when it comes to Bitcoin. Many people around the world have a very vague understanding of what money actually is, and this can certainly extend to the judges at federal levels, who are now having to wrestle with this definition. In a new case dealing with a recently hacking of J.P. Morgan Chase, and other financial companies, a New York Federal District Judge has ruled that Bitcoin does indeed qualify as money. According to Reuters, Anthony Murgio is seeking to dismiss charges against him related to his alleged operation of the Bitcoin....
The criminal case that sees Anthony Murgio – a Florida man charged with operating an illegal (unlicensed) bitcoin exchange – saw the presiding US federal judge reject a bid from Murgio’s defense that bitcoin did not classify as “funds”, which would deem it exempt from applicable federal laws. U.S. District Judge Alison Nathan in Manhattan has rejected Anthony Murgio’s claim to dismiss two charges related to his alleged involvement of unlicensed bitcoin exchange Coin.mx. In his bid, Murgio argued that bitcoin wasn’t money and therefore doesn’t fall under the purview of federal law of....