The US Federal Court has ruled that virtual currencies (like Bitcoin) are commodities – like coffee or oil. The judgement comes as part of a wider commodities fraud case, involving an (allegedly) illegitimate cryptocurrency called My Big Coin (MBC). In late September, Senior Judge Rya W. Zobel declared the power to prosecute alleged cases of commodities fraud involving cryptocurrency. “[T]he Court held […] the particular virtual currency at issue, MBC, was a commodity under the Commodity Exchange Act (CEA).” read a statement. “According to the Court, the term ‘commodity’ “includes a host of specifically enumerated agricultural products as well as ‘all other goods and…

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