The U.S. District Court for the District of Massachusetts
recently sided with the Commodity Futures Trading Commission (CFTC)
and decided that virtual currencies are commodities. This ruling
confirms the regulator's jurisdiction over virtual currencies
and allows it to pursue fraud allegations against defendants My Big
Coin Pay.
What makes a commodity?
Wheat, cotton, rice, corn, oats, barley, rye ... These are all
listed in the Commodity Exchange Act's definition of
"commodity," alongside other food products such as frozen
concentrated orange juice. The Act also prohibits dealing in
futures of motion picture box office receipts and ... onions.
But the story of the Onion Futures Act is best left for another
day. When it comes to crypto-assets, the most relevant portion of
the definition of "commodity" includes all services,
rights and interests provided through contracts for future
delivery, whether these contracts are dealt in presently or in the
future. In a
