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Monday, December 21, 2020
Virtual Currencies as Commodities
In current several years, the U.S. Commodity Futures Investing Fee (CFTC or the Commission) has taken a purpose as 1 of the regulators of cryptocurrency in the United States. In this article, we evaluate the CFTC’s regulatory and enforcement method in this area.
In December 2014, the CFTC mentioned that digital currencies are encompassed below the definition of a “commodity” in the Commodity Trade Act (CEA), and therefore subject matter to its jurisdiction.[1] Nine months later, in September 2015, the CFTC brought its first enforcement motion in opposition to an unregistered Bitcoin solution trading system.[2] With its initial motion, the CFTC declared that “Bitcoin and other virtual currencies are encompassed in the definition and appropriately defined as commodities.”[3]
The introduction of virtual currencies has offered new troubles for the CFTC. In the…
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