Wednesday, March 12, 2014

OMG: CFTC Considering Regulating Bitcoins

All government agencies are crony, but the Commodity Futures Trading Commission  specializes in it and hardly anything else. This is the last agency that Bitcoin fanboys should want to see regulate Bitcoin.

The US derivatives regulator is considering whether to regulate digital currencies such as bitcoin, the agency’s head said.

“We are looking into that,” Mark Wetjen, acting chairman of the CFTC, said Tuesday, Reuters reported. “It’s been initiated, there’s been an internal discussion at the staff level.”

The CFTC regulates the commodity futures and options markets. Wetjen said the agency is analyzing whether digital currency falls under its purview as a watchdog over commodity manipulation.

"I think people [at the CFTC] believe there's a pretty good argument that it would fit that definition," Wetjen said.

"Then there's a separate question about whether or not there is some derivative contract based on, or denominated in a virtual currency and whether that's listed on an exchange. ... There's some looking into that question too,” he added.

(Via RT)


  1. Of course regulators are going to regulate people who do things that can be regulated. Why the OMG? You act like this is news. Why focus on what you can't do with bitcoin when you can focus on what you can do with it. The real story is that many activities in the Bitcoin world cannot be regulated by the central planners but nobody ever said that Bitcoin was the pancea that would solve all of the world's problems.

  2. Wenzel on Bitcoin: