United States Bitcoin Regulated by CFTC, IRS, FinCEN, SEC and What Next

The United States Government seems to be undecided about the status of bitcoin in the country. In what seems like a conflict between different departments, every department directly or indirectly related to banking and finance are calling it their own. This has caused enough confusion among bitcoin and digital currency companies operating in the country.

Recently the United States Commodities Futures Trading Commission (CFTC) had filed a case against one of the San Francisco based Bitcoin trading platform. Coinflip was taken to task for not having proper regulatory clearances from the department to run its trading operations on Derivabit, its trading platform. The charges were dropped after the company and its CEO, Francisco Riordan reached a settlement with CFTC. According to reports, the settlement didn’t include any monetary penalties as he neither confirmed nor denied any misdoings on Coinflip’s part.

With the recent crackdown, CFTC has sent a clear message to everyone watching that Bitcoin is now considered as a commodity and anyone interested in running a bitcoin trading platform would have to go through them (just like they have to go through three more different departments).

While CFTC calls bitcoin a commodity, other departments like Internal

Read more ... source: NewsBTC USA