U.S. Judge Deems Cryptocurrencies OHM and Klima to Be “Commodities” in Jafia LLC Fraud Case
The US Commodity Futures Trading Commission (CFTC) issued a notice today stating that Judge Mary Rowland of the Northern District Court of Illinois ordered a summary judgment in the Jafia LLC fraud case, and ordered Sam Ikkurty of Oregon and his company Jafia LLC to pay part of the compensation claimed by the victims of the "Ponzi scheme" totaling more than US$120 million to the agency. It is worth noting that Judge Rowland also stated that "this order not only finds that Bitcoin and Ethereum commodities are within the jurisdiction of the CFTC, but also that the virtual currencies OHM and Klima meet the commodity criteria," and pointed out that these virtual currencies are in the same category as Bitcoin and involve regulated futures trading. Compared with Bitcoin and Ethereum, OHM and Klima are smaller-scale cryptocurrencies. However, there has always been controversy over which assets are classified as securities (under the jurisdiction of the US Securities and Exchange Commission) or commodities (under the jurisdiction of the CFTC).
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