CFTC Considering Bitcoin Regulations By Gordon Caldwell

Posted on Monday, 6th May 2013 @ 07:50 PM by Text Size A | A | A

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Bitcoin “is for sure something we need to explore”, Bart Chilton, one of the five commissioners at the Commodity Futures Trading Commission (CFTC) told the Financial Times. A person familiar with the CFTC’s thinking said that the regulator is “seriously” examining the issue. FT goes on:

Said Mr Chilton: “It’s not monopoly money we’re talking about here – real people can have real risk in these instruments, and we need to ensure that we protect markets and consumers, even in what at first blush appear to be ‘out there’ transactions.”

Said Mr Chilton, the commissioner: “In essence, we’re talking about a type of shadow currency, and there is more than a colourable argument to be made that derivative products relating to Bitcoin falls squarely in our jurisdiction.”

The regulators are circling, bitcoins have their attention. It probably won’t be the CFTC, but it is quite instructive to know that even the US commodity futures regulator has Bitcoin on its radar screen.

The government is going to come down hard. They will stop at nothing to eliminate competition to central banks.

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