CFTC chair strives to define Bitcoin, as the ecosystem around Bitcoin and other cryptocurrencies endure to evolve the various regulatory authorities in the US still struggle to define what it is so to create a framework in which it can be controlled.

Bitcoin is a synthesis of currency, security, and digital asset according to the head of the Commodity Futures Trading Commission (CFTC).

Today the Chairman of the CFTC, J. Christopher Giancarlo, went on CNBC’s Fast Money and announced that Bitcoin is a little bit of everything. Conversing with organizer Melissa Lee the Chairman said “Bitcoin and a lot of its other virtual currency counterparts really have elements of all of the different asset classes, whether they’re meeting payment, whether it’s a long-term asset,

Compromising with the fact that cryptocurrency is quite tough to define by the criteria that the wide range of financial regulatory bodies in the US use, Giancarlo went on to explain that most of the asset definitions they use were established during the reform period of the 1930’s which makes it tougher to relate to a currency based on technology which is only about ten years old.

When asked to define what aspect of Bitcoin would apply to the CFTC, Giancarlo said that;

“We see elements of the commodity in it that are subject to our regulations, but depending on which regulatory regime you’re looking at, it has different aspects of all of that,“

Before making a specific comparison between gold and Bitcoin which he then confused by saying “Only it’s virtual – It’s digital.”

Some regulatory progress has been made which is in the licensing of Bitcoin futures contracts traded on the CME and CBoE, he added these instruments are working quite well so far.

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