The Financial Times reports exclusively the Commodities Futures and Exchange Commission is studying whether Bitcoin would fall under their purview.

CFTC head Bart Chilton told the paper Bitcoin “is for sure something we need to explore,” adding, "It's not monopoly money."

Another anonymous source said that the regulator is “seriously” examining the issue.

A final decision may hinge on whether traders start creating derivative products from the Bitcoin market, the FT says.

Bitcoin has seen a surge in prices over the past month and a half as some Europeans began looking for alternative ways to conduct transactions around faltering banks. As it's added users, it's also gained a higher profile in the business press.

Bitcoin was trading around $120 today on Japan's Mt. Gox exchange.

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