United States Bitcoin Regulated by CFTC, IRS, FinCEN, SEC and What Next?
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....
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Global cryptocurrency derivatives exchange Bitmex has settled charges with the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The exchange has agreed to pay as much as $100 million to end investigations by the two agencies. Bitmex Settles With CFTC and FinCEN Bitmex confirmed Tuesday that “it has reached a resolution with both the United States Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) in relation to investigations by both agencies.” The company wrote: Bitmex agreed to....
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....
Former CEO Arthur Hayes and other executives at the firm are still likely to face charges on alleged violations of the Bank Secrecy Act. Crypto derivatives exchange BitMEX has agreed to pay up to $100 million to resolve a case from the United States Commodity Futures Trading Commission, or CFTC, and the Financial Crimes Enforcement Network, or FinCEN.In a Tuesday announcement, the Commodity Futures Trading Commission said the U.S. District Court for the Southern District of New York had entered a consent order for HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading....
"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 United States federal authorities have a mind of their own. Every department considers bitcoin as their own and want to control over it. It has already been proven multiple times, starting from bitcoin being considered as currency by FinCEN, money by SEC, property by the IRS and recently commodity by CFTC. The latest development has enraged bitcoin community, who are currently debating about the validity of CFTC's claim. It all started when the Director of Enforcement at CFTC, Aitan Goelman made this statement: "While there is a lot of excitement surrounding Bitcoin and other virtual....