Bitcoin status upgrade the official confirmation of its commodity identity

Bitcoin status upgrade the official confirmation of its commodity identity

Bitcoin officially upgraded, and crude oil, wheat, was officially recognized as a commodity.

The Commodity Futures Trading Commission (CFTC) announced the news, announced on Thursday that it has finalized its platform to promote the option contract transactions through bitcoin exchange.

A minute about bitcoin:

According to the press release: “in this document, CFTC for the first time to determine the bitcoin and other virtual currencies are properly defined as commodities.”

For a long time, market participants have been discussing whether bitcoin can be defined as a commodity, but CFTC has been thinking about whether the virtual currency within its jurisdiction, the potential impact of this move brings is huge.

This move is based on CFTC through the supervision of the virtual currency futures and options trading to maintain its authority, these transactions are now will accept the supervision. When the futures manipulation and other irregularities, CFTC can sue the responsible person.


If a company wants to run a bitcoin derivatives and futures trading platform, it will need to register for an exchange execution agency or designated contract markets like the Chicago Mercantile Exchange (CME). In addition Coinflip CFTC action object is not the only one to provide bitcoin derivatives or futures trading platform company.

Gehman, executive director of CFTC (AitanGoelman) said in a statement: “although the bitcoin and other virtual currency trading is very active, but innovation is not an excuse, they also must obey all the rules of commodity derivatives markets.”

Through LinkedIn to send Coinflip CEO did not immediately respond to requests for comment. Coinflip received the document, but did not admit or reject any findings and conclusions.

Because the Coinflip is no longer the only platform to provide a bitcoin derivatives or futures trading, Krugman’s words imply that other unregulated exchanges may soon attracted the attention of CFTC.

Similarly, CFTC canceled anonymity of bitcoin transactions long cherished. Although this can help clean up around the money around the United States, may help avoid repeated deviant behavior of the Mt.Gox, but it may also increase the operating costs.

Bitcoin status upgrade the official confirmation of its commodity identity

By the end of 2015, bitcoin trading volume gradually reduced. (Yi Hai)

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