26 Sep '15, 3pm

Bitcoin community has its say on U.S. commodity ruling - The Seattle Times

Bitcoin community has its say on U.S. commodity ruling - The Seattle Times

What is bitcoin? Is it property, something to be owned? Is it a currency, something to be spent? Or is it a commodity, defined by Webster’s Dictionary as “any useful thing,” and/or “anything bought and sold; any article of commerce.” The Internal Revenue Service thinks bitcoin is property; a federal judge thinks it’s a currency; now the Commodity Futures Trading Commission (CFTC) has decreed it a commodity. That means the regulator can now bring charges against any wrongdoers trading cryptocurrency futures and options. In a statement, the CTFC’s Director of Enforcement, Aitan Goelman, said: “While there is a lot of excitement surrounding Bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the same rules applicable to all participants in the commodity derivatives markets.” Most Read Stories 4 dead, 2 critically injured ...

Full article: http://www.seattletimes.com/business/markets/bitcoin-comm...

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Bitcoin is now being regulated as a commodity

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