CFTC chief says Bitcoin is the only commodity in the wake of FTX collapsecointelegraph.com/news/cftc-chief-says-bitcoin-is-the-only-commodity-in-the-wake-of-ftx-collapse
781 sats \ 4 comments \ @ek 4 Dec 2022 bitcoin
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34 sats \ 1 reply \ @faithandcredit 4 Dec 2022
Huge if true. Not because bitcoin is considered "the only commodity" but that it is a considered a commodity. Caus that can be the basis of sound money.
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40 sats \ 0 replies \ @ek OP 4 Dec 2022
It has been considered a commodity for a long time. Found a source claiming that has been the case since 2015:
The CFTC first determined that Bitcoin and other virtual currencies are properly defined as “commodities” under the CEA in 2015 in an enforcement action, In the Matter of: Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan, CFTC Docket No. 15-29. In its settlement order, the CFTC stated that individuals who had created a platform for the purchase and sale of Bitcoin options were in fact operating a facility for the trading or processing of swaps without being registered as a swap execution facility or designated contract market. In doing so, the CFTC applied the broad definition of commodity as laid out in the CEA and found that the scope of that definition included Bitcoin: “The definition of a “commodity” is broad […] Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities.”
-- https://www.allenovery.com/global/-/media/allenovery/2_documents/news_and_insights/publications/2020/08/global_legal_insights_guide_-_cryptocurrency_as_a_commodity_the_cftcs_regulatory_framework.pdf
So the huge news is indeed that it is the only commodity.
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7 sats \ 0 replies \ @thebtctoto 4 Dec 2022
GG shitcoins 👋
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1 sat \ 0 replies \ @NorthKoreanHostage 4 Dec 2022
Just imagine in 20 years when this becomes common knowledge. Billion dollar Bitcoin price as this happens.
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