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BloombergBusiness is reporting that Bitcoin Is Officially a Commodity, According to U.S. Regulator:
Virtual money is officially a commodity, just like crude oil or wheat.
So says the Commodity Futures Trading Commission (CFTC), which on Thursday announced it had filed and settled charges against a Bitcoin exchange for facilitating the trading of option contracts on its platform.
"In this order, the CFTC for the first time finds that Bitcoin and other virtual currencies are properly defined as commodities," according to the press release.
While market participants have long discussed whether Bitcoin could be defined as a commodity, and the CFTC has long pondered whether the cryptocurrency falls under its jurisdiction, the implications of this move are potentially numerous.
By this action, the CFTC asserts its authority to provide oversight of the trading of cryptocurrency futures and options, which will now be subject to the agency's regulations. In the event of wrongdoing, such as futures manipulation, the CFTC will be able to bring charges against bad actors.
Also covered by The Register.
This is not so much a change of official position as it is an assertion by the CFTC that it is able to regulate this market. The bitcoin market has been basically going sideways this year. Does this decision affect your [planned] use of bitcoin in any way?
(Score: 2) by Justin Case on Saturday September 19 2015, @09:53PM
Commodity Futures Trading Commission ... finds that Bitcoin and other virtual currencies are properly defined as commodities
Seriously? See any conflict of interest there? Anyone?
So I asked myself: what power do I have? And I answered myself: I grant myself power over daples. Then I asked myself: what is a daple? And I answered: It is whatever I say it is. Then I wondered if I would have power over gold. And I contemplated. And I decided that if I say gold contains daples, then I have power over gold. So I wrote myself a document on very fancy parchment saying gold contains daples. Now I own all gold. All perfectly legal, you see? Because I am law, judge, and bailiff all rolled into one.
How about this: if you want "protection" from some bunch of armed men, you only do business with those Bitcoin exchanges that are approved by the armed men. If you'd rather take your chances, you should have that choice. Of course, when you assume responsibility, you also assume the risk that you might make a bad decision. But the freedom to make bad decisions is better than no freedom at all.
(Score: 3, Interesting) by frojack on Saturday September 19 2015, @11:59PM
Well if encryption can be defined as a munition, it seems only fair that bitcoin can be defined as a commodity, or anything else sufficient to base criminal charges on.
The government can define anything, and retroactively make things illegal. (They couldn't do that by passing a law, but by simple definition anything goes apparently.
Soon sarcasm will be defined as hate speech so most of us here on SN can be jailed on a whim.
No, you are mistaken. I've always had this sig.