CTFC Looking Into Whether It Has Jurisdiction Over Bitcoin
A Wall Street Journal report indicates that the Commodity Futures Trading Commission (CTFC) is looking into whether or not it has jurisdiction over bitcoin and other digital currencies. When asked, acting Chairman of the Commission Mark Wetjen said "We are looking into that," at a conference in Florida. "There's been internal discussion I know at the staff level." Wetjen said that an analysis as to whether or not digital currency is a commodity is "not complete." With proper jurisdiction, the commission would be responsible for establishing some level of regulatory framework in order to....
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Does distributed presence create distributed liability? Does participation in a blockchain based decentralized autonomous organization (DAO) subject you to worldwide liability? While a one-sized fits all rule isn't possible, it may help to understand what jurisdiction means and how Courts acquire it.[1] (If you're trying to understand why this even matters, you'll find this author's views on the subject in an earlier post titled "How to Sue a DAO"). 1. What is jurisdiction anyway? Jurisdiction refers to a Court's authority to apply laws to disputes between parties and to do so in....
The Commodity Futures Trading Commission Fined Bitfinex $75,000 today for “offering illegal off-exchange financed retail commodity transactions in bitcoin and other cryptocurrencies,” citing the Commodity Exchange Act and Dodd-Frank for the action. This development may be the first of many to come if similar services, that host proxy wallets for the user, are found to be in violation of the same regulations. CTFC Fines Bitfinex. As it stands, it is illegal to sell Bitcoin or make any other ‘financed commodity transaction’ without guaranteeing delivery within 28 days. By hosting coins on....
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