United States CFTC Claims Jurisdiction over Bitcoin
Timothy Massad, chairman of the US Commodity Futures Trading Commission, a lesser-known agency whose responsibilities often overlap with the Securities and Exchange Commission, yesterday gave a very long testimonial update to the Senate Committee on Agriculture, Nutrition & Forestry which covered everything from "interaffiliate transactions" to virtual currency to local utility companies and their rights in energy swap markets. In regard to cryptocurrencies, the Chairman noted that since such currencies are traded as commodities and in the same fashion as other futures, the 1936 Commodity....
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The US Commodities Futures Trading Commission (CFTC) recently held a meeting on Bitcoin. The public meeting was held by the CFTC's Global Markets Advisory Committee (GMAC) and was sponsored by CFTC Commissioner Mark P Wetjen. The meeting was first called in September to discuss whether or not the CFTC has jurisdiction over Bitcoin derivatives. The CFTC was joined by expert panelists including Coin Center's Jerry Brito, Law Professor Houman Shadab, TeraExchange's founder Leonard Nuara, and BitPay's Chief Compliance Officer Tim Byun. Together, the group discussed Bitcoin futures' future and....
A commissioner with the U.S. Commodity Futures Trading Commission (CFTC) has detailed how crypto assets are regulated in the U.S. and whether they fall under the jurisdiction of the CFTC or the Securities and Exchange Commission (SEC). “There has often been a grossly inaccurate oversimplification” of how crypto assets are regulated in the United States, said the commissioner.
How Crypto Assets Are Regulated in the US
CFTC Commissioner Dawn D. Stump clarified last week how crypto assets are regulated in the U.S. by the CFTC or the SEC.
“The recent....
U.S. Congress will need to step in to decide who gets crypto regulation bragging rights if the SEC and CFTC cannot resolve the issue internally. A United States Senator Cynthia Lummis staffer believes that U.S. Congress will have to step in and resolve the dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding who regulates cryptocurrencies if the matter cannot be resolved internally. The issue stems from 2014 when the CFTC first asserted jurisdiction over virtual currencies. This was later reaffirmed by a U.S. Federal....
Former CFTC chairman Christopher Giancarlo argued that the CFTC is the only U.S. regulatory agency that has experience regulating markets for Bitcoin and crypto. Amid the United States Securities and Exchange Commission (SEC) expanding the scope of oversight of the cryptocurrency industry, a commissioner with the Commodity Futures Trading Commission (CFTC) argued that crypto regulation doesn’t fall under the SEC’s jurisdiction.CFTC commissioner Brian Quintenz took to Twitter on Wednesday to declare that cryptocurrencies like Bitcoin (BTC) should be regulated by the CFTC rather than the....
The United States Government seems to be undecided about the status of bitcoin in the country. In what seems like a conflict between different departments, every department directly or indirectly related to banking and finance are calling it their own. This has caused enough confusion among bitcoin and digital currency companies operating in the country. Recently the United States Commodities Futures Trading Commission (CFTC) had filed a case against one of the San Francisco based Bitcoin trading platforms. Coinflip was taken to task for not having proper regulatory clearances from the....