Cryptocurrencies Are Commodities

A New York district court Judge sided with the U.S. Commodity Futures Trading Commission ruling that virtual currencies can be regulated by the CFTC as a commodity because they qualify as goods exchanged in a market for a uniform quality and value. The issue in the case was whether the defendant fell within the regulatory authority of the CFTC for an alleged misappropriation of funds. Absent cryptocurrencies being considered commodities the CFTC would seemingly lack authority to prosecute the allege misconduct. Thus, cryptocurrencies fall within the regulatory authority and can be prosecuted.