Thinking about buying what’s known as a “utility token” or a “consumption coin”? Think twice, says the Commodity Futures Trading Commission (CFTC). In a customer advisory issued last week, the derivatives regulator urged potential investors to do their due diligence before making a purchase. As we’ve discussed on the Blockchain + the Law blog, digital … Continue reading CFTC Warns Investors: Use Caution When Buying Digital Tokens
Last week, Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo and CFTC Chief Economist Bruce Tuckman published a white paper analyzing the state of post-Dodd-Frank swaps regulation, making a number of recommendations for “Swaps Regulation 2.0.” Giancarlo announced the publication in a fireside chat at the International Swaps and Derivatives Association (ISDA) annual conference in … Continue reading Regulator Nodes and the Future of Swap Regulation from #Cryptodad
Last week, I attended the Chamber of Digital Commerce’s annual Blockchain Summit, held at Georgetown University in Washington, DC. Although there are hundreds of blockchain conferences to choose from these days, the Chamber’s summit stood out because of its focus on policy and regulation, and because of the current and former regulators and legislators that … Continue reading The DC Blockchain Policy Summit – More Suits, Less Hoodies
Just before the close of 2017, the Commodity Futures Trade Commission (CFTC) proposed a seemingly esoteric new rule, in which the CFTC attempted to define the term “actual delivery” within the context of retail commodity transactions in virtual currency. Let’s unpack this because while it may seem to be an obscure topic, once final, this … Continue reading CFTC Proposes “Actual Delivery” Definition with Big Implications for Bitcoin Regulation
We know that the Commodity Futures Trading Commission (CFTC) considers virtual currencies, including bitcoin, to be commodities, meaning that they are subject to the CFTC’s oversight. And we know, based on recent statements and enforcement actions, that the CFTC is, in fact, paying close scrutiny to cryptocurrency transactions and the exchanges on which they are … Continue reading CFTC Draws Jurisdictional Boundaries on Bitcoin
Join us on Wednesday, February 28 at 12:00 Central. Our expert speakers will host a live complimentary webinar covering the basics of cryptocurrencies, blockchain technology, and smart contracts, including what they are and which laws and regulations apply. To register, click here. While digital currencies are gathering international attention, Michael Best's Blockchain, Digital Currencies & Smart Contracts … Continue reading Join Our Webinar!
As a commodity with wide price fluctuations, bitcoin-based derivatives were perhaps inevitable – offering investors opportunities to hedge against or capitalize on the digital currency’s price volatility. And in fact, bitcoin derivatives are starting to take off. CME, the world’s largest futures exchange, announced that it will launch a bitcoin futures product, to go live … Continue reading LedgerX and CME Launch First Bitcoin Futures Products