An Arizona man was properly convicted of money laundering under federal law because his bitcoin transactions affected interstate commerce, the Ninth Circuit said Friday.
A nexus with interstate commerce is required for conviction under the statute, 18 U.S.C. §1956, the appeals court said. “But the connection need not be extensive,” the panel said. Thomas Mario Costanzo’s use of websites, mobile applications, global platforms, and a digital wallet to exchange cash for bitcoin satisfied the requirement, it said.
Bitcoin can be sold on a commercial exchange or in “peer-to-peer” transactions, according to the court.
Costanzo was allegedly making a living from…