The CFTC Thursday officially brought bitcoin under its regulatory scope, deeming it a commodity product
The US Commodity Futures Trading
Commission’s (CFTC) decision to classify virtual
currency bitcoin as a commodity has come as little surprise to
Former CFTC commissioner Bart Chilton was
vocal is his opinion that the CFTC would consider derivatives
on bitcoin under the regulator’s jurisdiction,
after publically stating this in May 2013, so the decision has
not sent shockwaves through the market.
In fact, Carolyn Jackson, partner at
Katten Muchin Rosenman told FOW that the market has been
effectively waiting since then, after Chilton stated that,
"there was more than a colourable argument to be made that
derivative products relating to Bitcoin falls squarely in our
As reported earlier Friday by FOW, the
regulator has officially brought bitcoin under its regulatory
scope by deeming the virtual currency a commodity, ending
months of speculation over how the currency would be regulated,
after late on Thursday filing and settling the first charges
against a bitcoin exchange, Coinflip.
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