CFTC chair says current Commodity Exchange Act already applies to BTC

U.S. Commodity Futures Trading Commission Chairman Mike Selig said the current Commodity Exchange Act already applies to Bitcoin, according to Crypto Briefing. Selig said the law is working well and that its definition of commodities is broad enough to cover Bitcoin and the broader cryptocurrency sector. While discussing Bitcoin, Selig also referred to the Lindy effect, the idea that the longer a technology, concept, or company has survived, the longer its expected lifespan becomes. On the same day, the CFTC moved to draft its first formal regulations for the cryptocurrency market.