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Bitcoin has ‘elements of all of the different asset classes,’ CFTC chairman says

“Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset,” Giancarlo told CNBC on “Fast Money” Monday, live from the annual Milken Conference in Los Angeles” writes Kellie Ell for cnbc.com. Giancarlo went on to say that there are certain aspects of bitcoin that look similar to an asset like gold.The CFTC , as well as the U.S. Securities and Exchange Commission, Giancarlo pointed out, operate under rules and regulations that were established in the 1930s.”We see elements of commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that,” he said.The ecosystem around bitcoin is still changing, but U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said the popular cryptocurrency is part currency, part security and part digital coin.
 
Source: cnbc.com



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