Cryptocurrencies and Other Regulatory Agencies
Generally speaking, a “cryptocurrency” “acts as money in an electronic payment system in
which transactions are validated by a decentralized network of computers rather than a third-party
intermediary, such as a bank.”4 A number of regulatory agencies have addressed aspects of
cryptocurrencies that are within their jurisdiction, or indicated that they are continuing to review
them. For exan1ple, the U.S. Commodity Futures Trading Commission (CFTC) has determined
that it can regulate cryptocurrencies as commodities. 5 The Securities and Exchange Commission
(SEC) has indicated that for certain purposes, cryptocurrencies may be regulated as securities, and
that it is continuing to review how existing securities laws and regulations apply to them. 6 The
Internal Revenue Service (IRS) has advised that for federal tax purposes, it will treat
cryptocurrencies as property. The Department of the Treasury’s Financial Crimes Enforcement
Network (FinCEN) has also pursued enforcement actions relating to cryptocurrencies. 7 The
Committee considered the approaches of these agencies as it reviewed the applicability of ethics
laws and standards within its jurisdiction to cryptocurrencies.
The above statement is from:
If the USA see cryptocurriencies as money or basically an asset, then I don’t understand why all the fuss?