Federal Judge Rules CFTC Has Authority to Sue Cryptocurrency Fraud
Posted: Tue Oct 02, 2018 6:08 pm
Cryptocurrencies can be regulated as commodities by the U.S. Commodity Futures Trading Commission, which is also has authority along with other regulators over dealings in virtual assets, a federal judge ruled.
U.S. District Judge Rya W. Zobel in Massachusetts ruled that the CFTC had standing to bring a fraud lawsuit against privately held My Big Coin Pay, the corporate parent of the online cryptocurrency payment platform and virtual wallet website MyBigCoin.com.
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Zobel upheld the CFTC’s determination in 2015 that virtual currencies are commodities, saying it was supported by the plain ... (read more)