CFTC Acknowledges Bitcoin’s Long-Term Promise at DC Hearing

The US Commodity Futures Trading Commission (CFTC) held a meeting yesterday in Washington, DC, to discuss bitcoin as it relates to the agency’s role as the country’s chief futures and options regulator.
Panelists for the CFTC event included Coin Centerexecutive director Jerry Brito; New York Law School professor Houman Shadab; BitPay chief compliance officer Tim Byun; and TeraExchange president and co-founder Leonard Nuara.
While only covering basic elements about the subject and sidestepping larger questions about bitcoin’s classification as a currency or commodity, the roughly two-hour session appears to have done much to convince the CFTC of the potential of digital currency.
CFTC Commissioner Mark Wetjen said:
‘It just seems like based on what I have learned, some of those applications could be so compelling that it would be a real mistake for us as a commission to not make sure we are staying on top of these developments.’

This post was published at Coin Desk on October 10, 2014.