The first time Bitcoin is recognized as money by a judge in court

The case was presided over by U.S. Magistrate Judge Amos L. Mazzant in Texas, who was tasked with determining whether the investments involved in the BTCST case could be considered securities under federal law. The defendant, Shavers, argued that the BTCST investments were not securities because Bitcoin was not money and was not regulated by U.S. authorities.
 

Judge Mazzant disagreed with this argument, stating that Bitcoin can indeed be used as money. It can be used to purchase goods or services and to pay for individual living expenses. The judge noted that the only limitation of Bitcoin is that it is limited to those places that accept it as currency. However, it can also be exchanged for conventional currencies, such as the U.S. dollar, Euro, Yen, and Yuan.

This ruling was significant because it allowed the Securities and Exchange Commission (SEC) to proceed with a lawsuit against Shavers, giving the agency the go-ahead to sue him for operating a Ponzi scheme. The SEC had accused Shavers of defrauding investors of approximately 263,104 BTC, which at the time equated to around $25 million.
 

The recognition of Bitcoin as a form of money by a federal judge was a crucial moment for the technology. It indicated that Bitcoin was beginning to be taken seriously within the legal system and that its use and exchange were subject to the same laws and regulations that govern traditional currencies.