Is it true that Bitcoin is a commodity?

Federal authorities in the United States have their own ideas. Each department believes that Bitcoin should be under its jurisdiction and wants to control it. This has been proven many times, from the beginning when Bitcoin was considered currency by FinCEN , money by the SEC , property by the IRS , and recently as a commodity by the CFTC . The latest situation has completely angered the Bitcoin community, and they are currently discussing whether the CFTC 's statement is correct.

It all started with a statement from CFTC Enforcement Director, Aitan Goelman :

" Although virtual currency transactions such as Bitcoin are very active, reform is not an excuse. All participants in the derivatives market must abide by the same rules. "

  An American publication decided to ask the Bitcoin community what they think about Bitcoin as a commodity and the recent statement by Aitan Goelman . Some members did not make any flippant comments. One developer mentioned that he was surprised to hear Aitan Goelman call Bitcoin a commodity, and that the CFTC seemed to be at a loss for words. But he was not surprised to see that the US regulator wanted more power and made bizarre regulations.

Researchers seem to have a different view. They feel that each regulation is considered within a specific scope and is not a blanket statement. These exchanges can only lie low and wait and see how much damage this ruling will cause. As long as the signal to notify them to go south appears, they are willing to leave and move the company to a different jurisdiction together.

One of the company's C- level executives urged regulators to work together so that they can reach a firm conclusion. For example, in the UK and other countries, different departments discuss with each other and consider public opinions before reaching a conclusion. However, US regulators seem to have no such process and announce whatever they think of.

It seems that everyone in the community disagrees with the CFTC ’s classification of Bitcoin as a commodity, but now there is no expectation that institutions such as “ democratic ” governments will listen to their opinions and reconsider this decision. In any case, we all hope that things will turn out in a good direction so that everyone will be happier.