You're So Money: NY Judge Rules Bitcoin Qualify As 'Funds'

A New York judge ruled bitcoin qualifies as money as part of a judgment related to a case over hacking attacks against JPMorgan Chase & Co. JPM and other companies, according to a report on Fortune.

The report said U.S. District Judge Alison Nathan in Manhattan rejected Anthony Murgio's bid to dismiss two charges regarding his alleged operation of Coin.mx. Prosecutors have called Coin.mx an "unlicensed bitcoin exchange."

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But, Nathan ruled bitcoin satisfies the definition of a virtual currency.

"Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment," Fortune reported, quoting Nathan.

Brian Klein, a lawyer for Murgio, said he disagreed with the decision.

Last year, prosecutors charged Murgio over the operation of Coin.mx and in April charged his father, Michael, with participating in bribery to support the exchange.

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