The definition of “commodity” under the CFTC’s authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currencyBeyond Currencies
“If [Bitcoin] works, we can re-implement the entire financial system as a distributed system as opposed to a centralized system. We can reinvent the entire thing.” … Bitcoin or similar technologies can be used as platforms for financial innovation in the digital transfer of currency, securities, contracts and sensitive information. Such innovation could play a fascinating role in the derivatives markets as well as financial services more broadly, as Mr. Andreessen suspects.The CFTC then seems to believe that Bitcoin has potential to recreate many of the financial industry systems. Several experts also believe that most of the futures regulation that the CFTC oversees could be written as smart contracts on the Bitcoin blockchain, thus making it unnecessary to explicitly regulate Bitcoin futures contracts.
Rarely can derivatives regulators anticipate a new market’s potential benefits while devising an appropriate regulatory framework. But virtual currencies such as Bitcoin, and other competing protocols and related technologies, represent such an opportunity.
Leader in blockchain news. The CFTC's Mark Wetjen tells CoinDesk how his agency might investigate bitcoin market manipulation and why it may not engage the industry in 2015. Bitcoin and other virtual currencies have potential to reshape the financial-services industry, but policy makers should act to establish a framework for their regulation, the CFTC’s Mark Wetjen The US Commodity Futures Trading Commission (CFTC) is the latest in a series of respected government bodies and regulators to voice proponency of Bitcoin, with Commissioner Mark Wetjen having spoken specifically of the benefits to the derivatives market that virtual currencies may bring. The Chamber of Digital Commerce has announced a new member to the organization’s advisory board. Mark Wetjen, head of global policy for the Depository Trust & Clearing Corp. (DTCC) is joining Bringing Commodities Regulation to Bitcoin There are several trading platforms planning to list derivatives contracts for the virtual currency. By Mark Wetjen
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