Bitcoin Again Found Subject To Securities Laws In Scam Suit

Law360, Los Angeles (August 26, 2014, 8:37 PM EDT) -- A Texas federal judge on Tuesday reconsidered but refused to reverse his year-old ruling that Internet-traded bitcoin is a form of currency subject to federal securities laws, preserving the United States' claims accusing the founder of Bitcoin Savings & Trust of running a Ponzi scheme.

U.S. Magistrate Judge Amos L. Mazzant granted the defendants' motion to reconsider his prior decision on subject matter jurisdiction but then denied their motion to dismiss, ruling that the Internal Revenue Service's treatment of bitcoin as property for federal tax purposes didn't impact his decision that bitcoin is a form of currency because it can be used...

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