Mark Wetjen, Commissioner of the US Commodity Futures Trading Commission otherwise known as the CFTC, has penned an op-ed in The Wall Street Journal in which he states that the CFTC could have authority to bring enforcement action against anyone manipulating Bitcoin.
"The definition of "commodity" under the CFTC's authorizing statute could be read to include Bitcoin, in which case the CFTC would have authority to bring enforcement actions against anyone who attempts to manipulate the virtual currency."
The op-ed reminds the reader that the Bitcoin revolution "may be a long way off" and that "Bitcoin represents a tiny fraction of the U.S. financial system" and yet claims that:
"Regulators should work quickly to understand how these technologies work and how they affect specific regulatory jurisdictions, with the ultimate goal of creating a regulatory framework should the public begin adopting or using these technologies in greater numbers."
The full article is available here.