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The Bitcoin Definitional Debate Is Over

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The digital currency is a commodity, according to a guy whose job, coincidentally, is the regulation of commodities.

“It has not been tested, but I do believe we have the authority because if you think of any reasonable reading of our statute, bitcoin classifies as a commodity,” said CFTC Commissioner Mark P. Wetjen during a panel discussion at a seminar on the digital currency organized by Bloomberg in New York. “This gives us the authority to bring enforcement against any type of manipulation.” He added that the CFTC statute’s definition of a commodity is very broad.

Well, whatever they are, 50,000 of them will be up for grabs next month. Collectibles, even, as they used to belong to the guy who made the website that, for many, was kinda the point of bitcoins all along.

The latest auction is for Bitcoins found on computer hardware belonging to Ross Ulbricht, who is accused of creating Silk Road. Prosecutors and Mr.Ulbricht agreed in January that the government could sell the virtual currency it had seized.

CFTC Commissioner Says Agency Has Authority Over Bitcoin Price Manipulation [WSJ]
Another Bitcoin Auction to Be Held by U.S. Marshals [DealBook]