U.S. Congress recognizes cryptocurrencies' right to be a commodity

The U.S. Agriculture Committee has put forward an addition to the House of Representatives statute governing Commodity Futures Commission (CFTC). Congressmen will vote for formal oversight of futures and options, which are based on digital assets.

A provision will appear in the law requiring the CFTC to collect information about existing digital currency contracts and crypto swaps.

The USDA Agriculture Committee is the traditional curator of the Commodity Futures Commission, which originally appeared on agricultural products. Further expansion of the range of derivatives on finance, energy, etc., did not change the words “commodity” and the curator in the name of the regulator, which explains why cryptocurrencies were attributed to “agriculture”.

Legally consolidated collection of information, also a tradition with which a package of laws to regulate this sphere begins to take shape. Congress prepares US exchanges legal grounds for cryptocurrency circulation.

At the moment when senators vote in favor of amendments to the law, it will be a turning and final decision not to trade “pure” digital currencies on exchanges. They, like other commodities, will be delivered in exchange for futures and options. In world and American exchanges, all goods and even currency are traded in this way.