A federal judge in New York recently ruled that virtual currencies, such as bitcoin and other cryptocurrencies, can be regulated by the U.S. Commodity Futures Trading Commission. It also determined that virtual currencies are a commodity, despite not directly involving the sale of futures or derivatives.
RK&O partner James Walker found the ruling to be “a win for securities regulators by providing a stronger basis for asserting jurisdiction by multiple regulators without diminishing any single regulator’s power.” He also said it is noteworthy that the ruling does not contradict the 2014 Internal Revenue Service determination that virtual currencies are property. He added that while virtual currency at times operates like regular currency it “does not have legal tender status.”
"Federal Court Just Ruled CFTC Can Regulate Crypto—But Agency Isn't Alone"(Corporate Counsel)