The U.S. Commodity and Futures Trading Commission (CFTC) seems to be exercising its regulatory authority over cryptocurrencies as well. One of its first stances took place in 2015 when it determined that Coinflip Inc. was an unregistered security and could not conduct futures trading. As a result, those in the crypto community started questioning the CFTC’s authority in the crypto space.
Generally, the CFTC is responsible for promoting open, transparent, competitive, and financially sound derivative trading markets, along with preventing abuse, fraud, and manipulation concerning derivatives and other financial products that are subject to the Commodity Exchange Act (CEA).
Regarding cryptocurrencies, the CFTC has limited regulatory oversight over cash markets, which don’t utilize margin, leverage, or financing. However, it does have full authority to engage in anti-fraud and anti-manipulation enforcement actions on commodities markets when the currencies are traded in interstate commerce or traded as futures. …
Dunn served as acting chairman of the CFTC from Jan. 20, 2009 to May 19, 2009. He replaced Walter Lukken as acting chairman when Barack Obama took office as president of the United States and was replaced when Obama’s choice to head the commission, Gary Gensler, was confirmed as chairman by the U.S. Senate.Gensler was named head of the CFTC in December 2008.
Dunn was sworn in as a CFTC commissioner in December 2004, to a term expiring in June 2006. He was nominated again by President Bush to a second term, which was confirmed by the U.S. Senate in August 2006. …
Manticor is building an option exchange for digital assets. We believe there’s a lucrative future for asset tokenization and derivative trading, and our goal is to become a specialized venue for this emerging asset class. The company is founded by a team of MIT/ex-JPMorgan/tech startup experts and mentored by a board of ex-CFTC regulators and former exchange executives. Manticor aims to be a Designated Contract Market (DCM) and to that end, would like to explore potential partnership opportunities on contract clearance and settlement.
We estimate to submit our DCM application by the end of Q2 2019 and are interested in exploring the potential collaboration to clear our contracts with a clearing service agreement. More information can be obtained within the Manticor Pitch Deck located here: https://docsend.com/view/k8u5bzt …
Bakkt, a platform for the first-ever Bitcoin-settled futures contract, is expected to be approved by the United States Commodity Futures Trading Commission (CFTC), according to the Wall Street Journal.
According to the Wall Street Journal, Bakkt will soon receive a regulatory green light from the CFTC for its Bitcoin futures contract. The WSJ notes:
The first futures contract that will pay out in cryptocurrency rather than cash is expected to soon get regulatory approval.
Bakkt, owned by Intercontinental Exchange Inc., will be the first to offer a BTC-settled futures product.
The Intercontinental Exchange appears to be on a quest to make Bitcoin investing easier. The company is said to be in advanced discussions with the US CFTC regarding the launch of physically settled Bitcoin futures.
Cybersecurity is proving to be the main topic of deliberations with the US securities regulator. According to a report by theWall Street Journal, the effort is backed by firms like Microsoft and Starbucks. The legitimization of digital currencies as an asset class is long-awaited by tech companies.
Earlier this week, Facebook was unveiled to be considering the introduction of a payment system using a stable coin into WhatsApp. …
The Commodities Futures Trading Commission (CFTC) is requesting public comment on Ethereum (ETH) regarding its underlying technology, opportunities, risks, mechanics, use cases, and markets.
Essentially, the CFTC is trying to confirm whether ETH is a commodity or a security. If it’s a commodity, the agency must determine whether it is proper to have official futures markets for it.
Earlier in 2018, the Chicago Board Options Exchange (CBoE) and the Chicago Mercantile Exchange (CME), the same exchanges that host the only official Bitcoin (BTC) Futures in the United States, indicated it wanted to launch Ethereum futures markets. …
The U.S. Commodity Futures Trading Commission (CFTC) wants to learn more about ethereum, its technology, and the markets that have built up around it.
In a “Request for Input” (RFI) published Tuesday, the regulator explains that it is looking for public feedback on different questions about ethereum, ranging from its technology to how it’s used. Respondents have 60 days from the RFI’s publication in the Federal Register to submit answers, either via email, mail or hand delivery.
“The CFTC expects the comments and information received will benefit LabCFTC, the CFTC’s FinTech initiative, and help to inform the Commission’s understanding of these emerging technologies,” a press release explains. …
We interviewed Jeffrey Bandman, Bandman Advisors’ founder, at blockchain event #Decentralized 2018 in Athens. He spoke about his work with Bandman advisors, his journey into blockchain from FinTech, what most excites him about blockchain technology and much more!
Learn more about EAK Digital: https://eakdigital.com/
Learn more about Bandman Advisors: https://www.bandmanadvisors.com/
Originally published at www.youtube.com on November 21, 2018.
As FinTech continues to reimagine new business models for finance, a high-profile financial regulator believes it can also be used to enforce derivative laws more effectively.
J. Christopher Giancarlo, the chairman of the US Commodity Futures Trading Commission (CFTC), highlighted distributed ledger technology (DLT) and how it can automate regulations for derivative markets while speaking at the D.C. Fintech Week Conference at Georgetown University this Wednesday.
DLT-powered Quantitative Regulation, according to Giancarlo, could help regulators to oversee markets more efficiently while saving costs. Combined with machine learning algorithms, it can be employed to identify the segments of markets where high risks or unrecognized counterparty vulnerabilities are rising. …
This week, a United States federal district judge ruled that an allegedly fraudulent crypto token meets the definition of a commodity. That brought the case under the Commodity Futures Trading Commission’s (CFTC) purview, which has long argued that virtual currencies constitute commodities. Here what it means — and how the watchdog has been supporting its stance on cryptocurrencies’ legal status.
The regulatory approach to cryptocurrencies in the U.S. is complex. …