CFTC rules Bitcoin and digital currencies are currency

Altcoins, Bitcoin

In a landmark ruling that will likely lead to knock on effects through the Bitcoin trading community the CFTC (US Commodity Futures Trading Commission) has ruled that Bitcoin is a commodity.

The commission simultaneously filed and settled charges “against Coinflip, Inc. d/b/a Derivabit (Coinflip) and its chief executive officer Francisco Riordan for conducting activity related to commodity options transactions without complying with the Commodity Exchange Act (CEA) and CFTC Regulations, specifically, by operating a facility for the trading or processing of commodity options without complying with the CEA or CFTC Regulations otherwise applicable to swaps or conducting the activity pursuant to the CFTC’s exemption for trade options”. Coinflip is based in San Francisco, California.

 

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