US court rules cryptocurrencies are commodities
Asserting the CFTC’s jurisdiction, the ruling clears the way for the agency to bring its fraud case
Virtual currencies such as bitcoin are commodities and should be regulated by the US Commodity Futures Trading Commission, a Brooklyn federal judge ruled on March 6 – agreeing with the CFTC’s long-held stance and paving the way for the agency to sue those who use them to defraud investors.
In his memorandum and order on the matter, senior US District Court judge Jack Weinstein agreed that until the US Congress approves a system for regulating cryptocurrencies, the CFTC is allowed to use its
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