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News Link • Cyberspace and the New Economy

Judge Rules Virtual Currencies are Commodities: Correct Ruling?

• themaven.net by Mike Mish Shedlock

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the Commodity Futures Trading Commission's (CFTC) anti-fraud and anti-manipulation enforcement authority.

Granting the CFTC's request for a preliminary injunction against the defendants who allegedly engaged in deception and fraud involving virtual currency spot markets, Judge Weinstein noted that "[u]ntil Congress clarifies the matter," the CFTC has "concurrent authority" along with other state and federal administrative agencies and civil and criminal courts over transactions in virtual currency.

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