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CTFC Looking Into Whether It Has Jurisdiction Over Bitcoin

Avatar newsbtc 6 years ago

Commodity Futures Trading CommissionWall Street Journal report indicates that the Commodity Futures Trading Commission (CTFC) is looking into whether or not it has jurisdiction over bitcoin and other digital currencies.

When asked, acting Chairman of the Commission Mark Wetjen said “We are looking into that,” at a conference in Florida. “There’s been internal discussion I know at the staff level.”

Wetjen said that an analysis as to whether or not digital currency is a commodity is “not complete.”

With proper jurisdiction, the commission would be responsible for establishing some level of regulatory framework in order to prevent money laundering and potential abuse of digital currencies for criminal financing.

For now, though, the bitcoinosphere is mostly relying on and following existing regulation guidelines. [source: Wall Street Journal]

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