Petition Pushes CFTC to Clarify Rules on Blockchain 'Delivery'
US law firm Steptoe & Johnson LLP has filed a petition with the Commodity Futures Trading Commission (CFTC), calling on the agency to provide more clarity regarding the definition of "delivery" in blockchain-based transactions. Signed by Steptoe partner Micah Green and senior policy advisor (and former CFTC commissioner) Michael Dunn, the petition centers around actions the agency took against Hong Kong-based bitcoin exchange Bitfinex in June. At the time, the company paid $75,000 amid allegations that it never properly delivered certain funds to traders. While Bitfinex was....
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Commissioner J Christopher Giancarlo of the Commodity Futures Trading Commission (CFTC) said today that he believes the government agency should reexamine existing rules as necessary to foster innovation with blockchain technologies. Giancarlo’s remarks on the possibility of revisiting CFTC regulations in light of new blockchain applications came as part of a keynote address at the DTCC Blockchain Symposium today, in which he discussed his view on the implications of blockchain and distributed ledgers for regulators. Evoking comparisons to the Internet, Giancarlo went so far as to suggest....
The current chairman of the US Commodity Futures Trading Commission (CFTC), Timothy Massad, will likely step down early next year. While he recognizes the potential benefits of blockchain technology, his replacement may be even more pro-blockchains. Massad Sees Blockchain’s Benefits. “The innovations that may be created through financial technology such....
Cryptocurrency exchange Coinbase is disabling its margin trading product in order to comply with the new rules set by the Commodity Futures Trading Commission (CFTC). CFTC’s Rules Affecting Margin Trading Offerings Coinbase’s chief legal officer, Paul Grewal, explained in a blog post on Tuesday: In response to new guidance from the Commodity Futures Trading Commission, we are disabling our margin trading product. Starting on Wednesday, Nov. 25 at 2 p.m. PT, customers currently using Coinbase’s margin trading will not be able to place new margin trades and all open limit....
Per a document filed with the US District of Columbia Circuit, asset manager Grayscale was granted its petition for review of their Bitcoin Trust. The Circuit’s Judge Rao approved the asset manager’s petition to transform their financial product into a Bitcoin Exchange Traded Funds. Related Reading: Ripple vs SEC Lawsuit: Community Pushes Back On Claim […]
The US Commodity Futures Trading Commission (CFTC) has announced that it is investigating whether it has the authority to regulate bitcoin and other digital currencies, Reuters reports. "We are looking into that," Mark Wetjen, the CFTC's acting chairman, said at an industry conference. "It's been initiated, there's been an internal discussion at the staff level." The CFTC, which regulates the swaps and futures market, is studying whether bitcoin falls under the same rules as commodities markets, according to Wetjen. He said: "I think people [within the CFTC] believe there's a pretty good....