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The CFTC has stated that the Federal Court agrees with the agency's ruling that virtual currencies are commodities. Does that mean it ends the debate about security and goods for all cryptocurrencies?
Cryptocurrencies are Commodities, CFTC Asserts
The US Commodity Futures Trading Commission (CFTC) announced on Twitter that Federal Court finds virtual currencies as commodities.
According to the official report on CFTC website, on September 26, 2018, the Senior Judge Rya W. Zobel of the US District Court for the District of Massachusetts declared that CFTC has the power to prosecute fraud relating to virtual currencies.
In response, TCRC Chief Enforcement Officer James McDonald said:
"This is an important decision that confirms the authority of the CFTC to investigate and combat fraud in the virtual currency markets. This ruling, like justice weinstein's in eastern new york, recognizes the overall definition of product under the act, and that the cftc has the power to prosecute fraud in respect of products, including virtual currencies. We will continue to monitor those markets in close collaboration with our sister agencies."
