Virtual currencies are rapidly developing and regulators are trying to keep up to prevent fraud and abuse. Multiple regulatory entities have moved to oversee this uncharted territory. A federal district court recently concluded the CFTC has authority, concurrent with other entities, over fraudulent conduct involving virtual currencies, reasoning that virtual currencies are commodities as defined by the Commodities Exchange Act. This article details the facts and circumstances leading up to the enforcement action and the Court’s reasoning. See also “Virtual Currencies Present Significant Risk and Opportunity, Demanding Focus From Regulators, According to CFTC Chair” (Feb. 14, 2018).