CFTC Urges Judge to Rule Virtual Currency as Commodity
0 comments
Last Thursday, the U.S. Commodity Futures Trading Commission implored a federal judge to rule that an obscure virtual currency called My Big Coin is a commodity subject to its oversight.
In a lawsuit filed against My Big Coin Pay Inc., CFTC lawyer Jonah McCarthy said that the virtual currency is similar to gold and other precious metals such that it amounts to a good that falls within the Commodity Exchange Act’s broad definition of commodities.
However, Randall Crater’s lawyer Katherine Cooper argued that My Big Coin does not have future contracts trading on it and is not a commodity the CFTC has legal authority over.
Source: Reuters