Judge Rules Bitcoin Operator Can't Deny It's Money

Facing securities fraud charges in Texas

A Texas man accused of running a bitcoin Ponzi scheme cannot dodge securities fraud claims by denying that the virtual currency is money, a federal judge ruled Tuesday.

Two weeks ago, the Securities and Exchange Commission sued 30-year-old Trendon Shavers of McKinney, Texas, and his company Bitcoin Savings and Trust (BTCST). Shavers allegedly raised over $4.5 million worth of bitcoin from online investors over the course of a year.