Judge Rules That Cryptocurrencies Are Like Commodities

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A U.S. judge ruled this week that bitcoins are commodities.

The ruling is part of a fraud case in Brooklyn against New York resident Patrick McDonnell and his company Coin Drop Markets.

Judge Jack Weinstein from a district court in New York ruled that "virtual currencies can be regulated by CFTC as a commodity.”

"Virtual currencies are 'goods' exchanged in a market for a uniform quality and value. ... They fall well within the common definition of 'commodity'," the judge wrote in the order on Tuesday.

At issue was whether the CFTC had the authority to regulate cryptocurrency as a commodity and if it was allowed to "exercise its jurisdiction over fraud that does not directly involve the sale of futures or derivative contracts”.

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