It was established through The Commodity Futures Trading Commission Act.
- New York
- Kansas City, Missouri
The Commission is appointed by the President of the United States. This is made up of 5 members, one who is selected as Chair. The term is for 5 years, which are staggered among the different commissioners.
There can be no more than 3 member from any party.
In March of 2014, the CFTC declared Bitcoin to be a commodity, hence the trading of it came under its domain. This is a point of contention with the Securities and Exchange Commission (SEC) who feels that digital assets, including cryptocurrencies, are securities.
Ethereum is another coin that was declared to be a commodity. However, in 2022, due to the shift to the proof-of-stake consensus mechanism, the SEC is alleging that it is going to be a security. This is going to set off another round of fighting between the two regulators.