Bitcoin had a breakout year in 2014, for both good and bad reasons. Coindesk interviewed CFTC Commisioner Mark Wetjen covering its classification, potential outlook on regulation and the future for businesses entering the crypto market.
The Commodity Futures Trading Commission (CFTC) was one of the more vocal US government entities on the subject of bitcoin in 2014, holding a hearing to discuss its role in options and futures, claiming regulatory oversight over the derivatives market and speculating on how it might intervene in the digital currency ecosystem. But while the CFTC and Wetjen in particular have been open with their views on bitcoin, the organisation as a whole has been less clear on how it will proceed with providing more clarity to bitcoin businesses going forward. Outstanding questions include how bitcoin fits under existing definitions of commodities, what would inspire the agency to investigate potential market manipulation and how it views activities in the global bitcoin derivatives market.