Trace Mayer: “We need to remove the smell from bitcoin”

Bitcoin is a commodity. It’s official. According to the Commodity Futures Trading Commission, bitcoin and other cryptocurrencies will be treated as a commodity for regulatory purposes, just like gold and oil. This announcement is the result of the CFTC issuing a settlement against an unregistered bitcoin options trading platform, CoinFlip. The CFTC’s label also solves the ongoing debate of whether bitcoin should be classified as a currency or a commodity. To continue trading, companies must register and comply with its regulations. Last year, the IRS said bitcoin should be “treated as property for U.S. federal tax purposes.”