There are a couple notes about this regulation. The first is that bitcoin is not subject to many problems that other currencies have (eg. inflationary devaluati

There are a couple notes about this regulation. The first is that bitcoin is not subject to many problems that other currencies have (eg. inflationary devaluation or being tied closely to a country or group of countries). The second is the nature of the ITC and other agencies treat foreign currencies differently (as bitcoin is without representation). The third and most disturbing is that normal regulations would not work (because it doesn't suffer from being tied to some country or countries). For this reason, the government decided that the only way to exert control was reclassification. Even if we decide that this is somehow justifiable (no good reason has been given and I believe there is no such reason), then the proper process is to pass a bill through congress rather than the executive branch once again deciding that it can do whatever it pleases.