Is Crypto a Commodity?

When is cryptocurrency regulated as a commodity rather than as a security? We ask Chairman Christopher Giancarlo, the former head of the Commodity Futures Trading Commission ("CFTC") the nation's commodities regulator to explain. According to Giancarlo, cryptocurrencies are not all created equally. As the former CFTC Chairman explains, cryptos are essentially computer code and so when determining when and whether they are a commodity, the government must examine what they do. Giancarlo, who was at the CFTC when they made the initial determination to treat Bitcoin as a commodity, explains the decision. He describes the calculations that go into such a determination such as how it is created. Like traditional commodities such as raw materials or primary agricultural products, crypto like Bitcoin and Ethereum are produced or "mined" around the world by multiple disparate parties. Similarly, Bitcoin or Ethereum units or coins are viewed as fungible with, for example, no Bitcoins worth more or valued differently than others. For more legal explainers and interviews with the titans of law, visit www.talksonlaw.com ____________________ 0:00 What makes a crypto a "commodity" under the law? 0:24 What makes something a commodity? 1:02 How did the CFTC determined to regulate Bitcoin and Ethereum as a Commodity? 1:30 Are Bitcoin and Ethereum commodities? 2:20 Is Crypto a Commodity or Security 2:45 Giancarlo's Role in Determining Bitcoin and Ethereum's Commodity Status