The US Commodity Futures Trading Commission (CFTC) has recently classified Bitcoin as a commodity, alongside oil and gold. As a consequence, the CFTC has commenced to suppress unregistered companies that trade bitcoin derivatives. Coinflip, an unregistered platform that marketed the derivatives of the currency, was coerced to stop trading because it failed to follow the rules and regulations.
Unregistered firms like Coinflip will be greatly affected by this latest enforcement since the CFTC will commence to closely monitor and regulate any illicit activities involving the trade of bitcoin and its derivatives. It’s also important to note that even non-US based firms that are engaged in the trade of the cryptocurrency and its derivatives will be subject to the risk of this newest implementation. Bitcoin is now a commodity, its value has increased immensely, thus any unlawful activity involving its trade will be ceased.