Bitcoin is partly a currency, partly a security and partly a digital coin, so the head of the Commodity Futures Trading Commission (CFTC) defines the crypto currency Bitcoin.
CFTC Chair fights for the definition of Bitcoin and Ethereum code
As the ecosystem evolves around Bitcoin, Ethereum code and crypto currencies, the various regulatory agencies in the US are still struggling to create a framework within which crypto currencies can be controlled. Read more about it: https://www.onlinebetrug.net/en/ethereum-code/
CFTC chairman J. Christopher Giancarlo was on CNBC’s Fast Money and announced that Bitcoin is a little bit of everything. Speaking to host Melissa Lee, the chairman said, “Bitcoin and many of its other virtual currency partners really do have elements from all asset classes, whether they make a payment or are a long-term asset.
Giancarlo admitted that it is difficult to define crypto currencies according to known criteria used by the various financial regulators in the US. He explained that most of the asset definitions used date back to the 1930s. Thus, it is difficult to find a suitable definition, especially considering the technological aspect of Bitcoin. When asked which definition of Bitcoin would apply to the CFTC, Giancarlo replied:
“WE SEE IN IT ELEMENTS OF A COMMODITY THAT ARE SUBJECT TO OUR REGULATIONS, BUT DEPENDING ON WHICH REGULATION CLASS THEY ARE LOOKING AT, IT HAS DIFFERENT ASPECTS OF EVERYTHING”.
Short comparison with Bitcoin code
Giancarlo even made a comparison between Gold and Bitcoin but then quickly stopped by adding that Bitcoin code was only virtual. He also announced that some regulatory progress had been made in licensing Bitcoin futures contracts traded on the CME and CBoE. He said that Bitcoin was better suited as a long-term asset store than an ideal form of payment like this: https://www.onlinebetrug.net/en/bitcoin-code/
Regulation likely to be pending for longer
There is no consensus on how to define Bitcoin and other crypto currencies. The fight against one and the acceptance of the other would hinder the technological development of the ecosystem. Before he finished, the chairman said that Bitcoin’s regulation would be complicated and that he did not suspect the matter would be resolved soon:
“AT THE END OF THE DAY, IT IS UP TO THE CONGRESS, NOT THE REGULATORS, TO DECIDE WHETHER NEW GUIDELINES SHOULD BE DEVELOPED FOR THESE NEW ASSET CLASSES.