A federal judge ruled that cryptocurrencies meet the definition of commodities within the regulatory framework of the US Commodities and Futures Trading Commission (CFTC).
CRYPTOCURRENCIES MEET THE DEFINITION OF COMMODITIES
The US CFTC filed a lawsuit against a technology entrepreneur Randall Crater and a company that he had founded in January. The regulator had alleged that the defendant carried out a $6 million fraud against people who wanted to purchase a shady digital currency called My Big Coin.
Allegedly, My Big Coin Pay Inc., misappropriated investors by naming their cryptocurrency in a manner which sounds a lot like Bitcoin (BTC) $6742.81 -0.54%. What is more, the company also claimed that it was backed by gold.
Boston District Judge Rya Zobel ruled on Wednesday that My Big Coin did, in fact, meet the definition of a commodity under the Commodity Exchange Act.
The judges line of reasoning is that My Big Coin and Bitcoin can be, more or less, be categorized as virtual currencies.
Continue reading
>> https://bitcoinist.com/us-judge-rules-cryptocurrencies-are-commodities/
