RATE Group | U.S. Court Cements Commodity Verdict On Cryptocurrency After Landmark Ruling
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U.S. Court Cements Commodity Verdict On Cryptocurrency After Landmark Ruling

04 Oct U.S. Court Cements Commodity Verdict On Cryptocurrency After Landmark Ruling

Posted at 22:41h in Cryptocurrency News by

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A US court has formally dismissed an attempt to stop the country’s commodities regulator prosecuting an alleged cryptocurrency fraudster, ruling that such assets are commodities.

CFTC Can Legislate With Crypto

In a press release October 3, Senior Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts ruled in favor of the Commodity Futures Trading Commission (CFTC) in a case involving now-defunct cryptocurrency My Big Coin.

Part of an ongoing legal battle, lawyers for My Big Coin attempted to halt prosecution for misleading claims about its nature by claiming the CFTC had no jurisdiction over virtual currency.

The court disagreed, opening up the route for the CFTC to bring its case against the scheme, which has operated since 2014.

By extension, the release announces, the CFTC considers all cryptocurrencies to be commodities, extending claims earlier this year by fellow regulator the Securities and Exchange Commission (SEC) pertaining only to Bitcoin and…

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