Bitcoin and other cryptocurrencies can be considered as goods – the Commodity Futures Trading Commission

Home » REGULATIONS » Bitcoin and other cryptocurrencies can be considered as goods – the Commodity Futures Trading Commission
2018-03-07
Bitcoin and other cryptocurrencies can be considered as goods – the Commodity Futures Trading Commission

Bitcoin and other cryptocurrencies can be considered as goods and subject to appropriate regulation by the Commodity Futures Trading Commission (CFTC). Such a ruling was made by the US district judge in Brooklyn, Jack Weinstein, who is considering CFTC’s lawsuit against CabbageTech owner Patrick Kerry McDonnell.

It should be noted that for the first time CFTC recognized crypto-currencies as a commodity in 2015. Judge Jack Weinstein confirmed this decision, saying that the CFTC has wide discretion to interpret the federal law regulating commodities.

Weinstein’s resolution says that the CFTC has the right to sue McDonnell, who, according to the agency, created the Coin Drop Markets service since January 2017 and mislead customers by offering them advice on trading cryptocurrency.

In reality, clients did not receive the advice for which they paid. Coin Drop Markets was never registered with the CFTC, and McDonnell closed the company’s website and stopped responding to customer requests. The district judge also issued a preliminary injunction against McDonnell and Coin Drop Markets to participate in commodity transactions.

 

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,939.21
  • ethereumEthereum$145.60
  • rippleXRP$0.326325
  • tetherTether$1.00
  • eosEOS$3.80
  • stellarStellar$0.088879
  • litecoinLitecoin$50.61
  • cardanoCardano$0.047011
  • tronTRON$0.024792
  • moneroMonero$49.83
  • iotaIOTA$0.307739
  • nemNEM$0.043168
  • dashDash$86.95
  • neoNEO$9.06
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 12
What Can I Buy with BTC and What Sites Use It?
In the autumn of 2017 cryptocurrency fever triggered a high interest among trade agents in using BTC as payment method both for online and offline commerce. People were thrilled and excited. Searches on Google like “where to pay with bitcoin”, “where to spend bitcoin”, “bitcoin stores” were most frequent those days.  Unfortunately, raising fees for […]
2019-02-18 0 39
The media confirmed the launch date of the test network Telegram Open Network
The Telegram Open Network (TON) blockchain platform, behind which the popular messenger operator stands, is 90% complete, and the launch of the test network is scheduled for the end of March 2019. It is reported by The Block, with reference to the report received by the investors of the project. As the newspaper notes, Telegram […]
2019-02-11 0 15
Media: the cost of the Telegram internal cryptocurrency could reach $ 30 billion
By the end of 2019, the total cost of the internal token Gram of the blockchain project Telegram Open Network (TON) could reach $ 29.5 billion. The Bell reports with reference to the report HASH Crypto Investment Bank. According to the investment company, the target cost of 1 Gram token by the end of 2019 […]
2019-02-07 0 11
© 2017–2018