The Commodity Futures Trading Commission (CFTC) in the U.S. published a new guideline that defines what an “actual delivery” of a digital asset means.
According to the new regulation there will be penalties for traders that do not allow the buyer to take physical possession and control of a cryptocurrency coin within 28 days. That is the transit period required for trades in commodities after which they are considered futures.
Under the current rules traders and exchanges are required to deliver any physical commodities if they are not futures, traded on a exchange regulated by the CTFC. Obviously, since cryptocurrencies are purely digital taking a physical possession of them becomes impossible. Not to mention that recently the CTFC actually defined Bitcoin and Ether as commodities, which puts them under its jurisdiction.
So, that is why they decided to cathegorize Bitcoin like that. I was wondering about that, back when it happened.