Receive all Cointelegraph news immediately in Telegram.
Reuters is reporting that the US Commodity Futures Trading Commission announced it would look into whether it has the authority to regulate cryptocurrencies such as Bitcoin.
Regulating Bitcoin as a commodity
The CFTC regulates commodities such as swaps and futures in the US, and some in the organization believe Bitcoin qualifies as something similar.
“I think people [here] believe there’s a pretty good argument that it would fit that definition,” CFTC acting chairman Mark Wetjen said.
Other questions, such as what the commission would do with cryptocurrency derivatives, remain, Wetjen said.
Here is what he told a US Senate Committee in February:
“Virtual currency [...] does present new risk, as a firm would be interacting outside of bank payment channels, increasing the risk of hacking or fraud, among other cybersecurity issues. The CFTC is working with registrants that are seeking to accept virtual currencies to educate them about best practices.”
In the larger context of recent announcements by American officials, such as New York’s resumption of Bitcoin-exchange regulation, it appears a legal framework for dealing with cryptocurrencies is slowly taking shape in the US.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details