CFTC: ‘We Have the Authority over Bitcoin Price Manipulation’
The struggle between US regulatory agencies about who can act in cases involving Bitcoin continues as the Commodity Futures Trading Commission, an independent United States Federal agency determined that it has enforcement powers against price manipulation in Bitcoin markets. This agency was established in 1974 by the Commodity Futures Trading Act to promote “competitive and efficient futures markets and protect investors against manipulation, abusive trade practices and fraud.” In remarks at the Bitcoin conference held at Bloomberg, CFTC Commissioner Mark Wetjen stated when asked if his....
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A commissioner at the Commodity Futures Trading Commission (CFTC) has asserted the agency has the authority to take enforcement actions against price manipulation in bitcoin markets. Commissioner Mark Wetjen made the remarks at a bitcoin conference held at Bloomberg in New York on Monday. When asked if the CFTC has the authority to become intervene in such an event, he said: "It has not been tested, but I do believe we have the authority because bitcoin, by I think a very rational reading of our statute, classifies as a commodity and the definition of a commodity under the Commodity....
"A trading platform that offers derivatives on digital assets to U.S. persons without registering, or in violation of CFTC trading rules, is subject to the CFTC’s enforcement authority," said Dawn Stump. Dawn Stump, one of four commissioners currently serving at the Commodity Futures Trading Commission, or CFTC, has released a statement clarifying the agency's authority with respect to digital assets. In a Monday statement, Stump said the CFTC is empowered with both regulatory and enforcement authority for commodities. She did not specifically say that digital assets were cash-like....
The Digital Commodity Exchange Act would give the commodities regulator the authority to determine rules for cryptocurrency developers and exchanges offering spot trading. A bipartisan group of lawmakers in D.C. introduced an updated bill on April 28 to regulate cryptocurrency developers, dealers, exchanges, and stablecoin providers, bringing them under the regulatory control of the United States Commodity Futures Trading Commission (CFTC).The Digital Commodity Exchange Act of 2022 (DCEA) was re-introduced to Congress by Republican Representatives Glenn Thompson and Tom Emmer with support....
Both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have claimed jurisdiction over the crypto industry. A CFTC commissioner clarified that pure commodities, including crypto assets, or their trading venues are not regulated by the SEC. Regulation of Crypto Assets by SEC and CFTC A commissioner with the U.S. Commodity Futures Trading Commission, Brian Quintenz, clarified Wednesday that pure commodities, including crypto assets, fall under the jurisdiction of his agency. He tweeted: “Just so we’re all clear here, the SEC has....
Jared Marx is an attorney at the Washington, DC law firm of Harris, Wiltshire & Grannis. He advises companies about bitcoin-related regulatory law, and represents companies and individuals in civil and criminal proceedings. Mark Wetjen, a commissioner at the US Commodities Futures Trading Commission (CFTC), has made it known loud and clear recently that bitcoin fits the legal definition of a commodity and that the CFTC has authority to regulate the digital currency. So what would the CFTC's regulation of bitcoin actually look like? For the average bitcoin user and business, probably not....