US Federal Judge: ‘Cryptocurrencies are Commodities’

[kreslik.news]

A United States federal judge has ruled that the US Commodity Futures Trading Commission (CFTC) can legally classify and regulate cryptocurrencies as commodities, according to a new report from Reuters.

The US district judge responsible for the ruling is Brooklyn’s Jack Weinstein, who declared that the CFTC had legitimate legal standing to go forward with a fraud lawsuit against New Yorkresident Patrick McDonnell. The CFTC originally filed a complaint against McDonnell and his company, Coin Drop Markets, in January of 2018.

The complaint alleged that McDonnell had been selling fraudulent investment advice, or rather, that ... (read more)