US: CFTC supposed to have the authority to influence Bitcoin markets

Wednesday 19 November 2014 00:35 CET | News

A Commodity Futures Trading Commission (CFTC) commissioner has claimed that the agency has the authority to take enforcement actions against price manipulation in Bitcoin markets.

Commissioner Mark Wetjen made the remarks as Bitcoin is classified as a commodity under the Commodity Exchange Act, reports. He added that this gives the regulating body the authority to bring enforcement on any type of manipulative activity, thereby broadening the reach of how a commodity can be defined.

The CFTC does not have a “special focus” on Bitcoin and it is currently looking at the rule set and understanding Bitcoin-related regulatory obligations, as it does with all asset classes.

The agency notably approved the first regulated financial instrument tied to Bitcoin in the US, when it gave the greenlight to swap execution facility TeraExchange to launch USD/BTC swaps on its platform in September 2014.

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Keywords: US, CFTC, authority, influence, Bitcoin, market
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3