bitcoin getting regulated


Member Supporter
Careful what you wish for. Bitcoin aficionados wanted to be taken seriously, and they got their wish. A US regulator, the Commodities Future Trade Commission, says the digital currency is a commodity just like oil, copper and coffee beans -- and the CFTC therefore has authority over its markets. The commission filed and settled charges against Coinflip, a San Francisco-based Bitcoin exchange, and its CEO, Francisco Riordan, for trading options in the stuff illegally because it didn’t register as a contract market. Coinflip is small game, but with this move the CFTC asserts its authority over all Bitcoin and other cryptocurrency traders, which could change the rules of the game for a lot of people. “Innovation does not excuse those acting in this space from following the same rules” as everyone else, said every regulator to every disruptive business ever (and in this case CFTC Director of Enforcement Aitan Goelman.)


Member Supporter
I can see Bitcoin becoming more regulated and that is both good and bad. The good is that fraud will be punished while the bad is that government will snoop on bitcoin transactions.