RATE Group | Federal Judge Rules CFTC Has Authority to Sue Cryptocurrency Fraud
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Federal Judge Rules CFTC Has Authority to Sue Cryptocurrency Fraud

04 Oct Federal Judge Rules CFTC Has Authority to Sue Cryptocurrency Fraud

Posted at 02:21h in Cryptocurrency News by

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Cryptocurrencies can be regulated as commodities by the U.S. Commodity Futures Trading Commission, which is also has authority along with other regulators over dealings in virtual assets, a federal judge ruled.

U.S. District Judge Rya W. Zobel in Massachusetts ruled that the CFTC had standing to bring a fraud lawsuit against privately held My Big Coin Pay, the corporate parent of the online ‎cryptocurrency payment platform and virtual wallet website ‎MyBigCoin.com. ‎

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Zobel upheld the CFTC’s determination in 2015 that virtual currencies are commodities, saying it was supported by the plain meaning of the word “commodity” and that the CFTC had broad leeway to interpret the federal law regulating commodities.

In its lawsuit, the CFTC filed federal charges for fraud and misappropriation ‎against three separate digital coin operators, alleging that they ‎had defrauded customers and broken other commodity trading rules.

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Specifically,…

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