US rules cryptocurrencies are commodities in $6M fraud case

US rules cryptocurrencies are commodities in $6M fraud case
ôîòî ïîêàçàíî ñ : thenextweb.com

2018-10-4 13:04

The US Federal Court has ruled that virtual currencies (like Bitcoin) are commodities – like coffee or oil. The judgement comes as part of a wider commodities fraud case, involving an (allegedly) illegitimate cryptocurrency called My Big Coin (MBC).

In late September, Senior Judge Rya W. Zobel declared the power to prosecute alleged cases of commodities fraud involving cryptocurrency. “[T]he Court held […] the particular virtual currency at issue, MBC, was a commodity under the Commodity Exchange Act (CEA). ” read a statement. “According to the Court, the term ‘commodity’ “includes a host of specifically enumerated agricultural products as well as ‘all other goods and…

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commodities court commodity fraud cryptocurrency like mbc

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Ôîòî:

CFTC Wins Case Against Cryptocurrency Promoter That Ran Bold and Vicious Frauds

The Commodities Futures Trading Commission (CFTC) won a court case against a cryptocurrency promoter that cheated investors by running “a bold and vicious fraud. ” According to Bloomberg on August 24, 2018, the CFTC managed to ban the cryptocurrency operator permanently, Patrick McDonnell ordering, him to pay a hefty fine in restitution and penalties.

2018-8-25 17:00


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