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CFTC rules against Bitcoin platform, confirms digital currency as commodity

Monday 21 September 2015 13:21 CET | News

The US Commodity Futures Trading Commission (CFTC) has issued an action against an unregistered Bitcoin options trading platform.

The CFTC charged US-based startup Coinflip, which does business under the name Derivabit, with conducting activity related to commodity options, without registering with the agency or meeting rules for exemption.

With the ruling, the CFTC has also confirmed that Bitcoin and other digital currencies are commodities covered by the Commodity Exchange Act (CEA).

More specifically, the CFTC found that Coinflip violated Section 4c of the CEA and Part 32 of the CFTC’s regulations, and that it should have registered as a swap execution facility or designated contract market.


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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, blockchain, CFTC
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3