U.S. federal and state regulators, including the increasingly powerful federal derivatives and commodities overseer, moved closer on Tuesday to regulating bitcoin, the virtual currency experiencing legal troubles and scandal even as it grows in popularity. The U.S. Commodity Futures Trading Commission is studying whether it should regulate electronic currencies such as bitcoin, its chief said on Tuesday. On the same day, New York state's top financial services regulator, Benjamin Lawsky, said he wanted prospective virtual currency exchange operators to submit formal applications, a first step toward eventual regulation. Also, a Texas state securities regulator has ordered an exploration and production company to stop accepting bitcoins as payment for investments in its Texas oil wells. Finally, the brokerage industry's own watchdog, FINRA, warned that bitcoin can expose people to significant losses, fraud and theft, and the lure of a potential quick profit should not blind investors
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