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Commodities Futures Trading Commission

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -

SEC and CFTC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions

by Goodwin on

On January 19, 2018, SEC Co-Enforcement Directors Stephanie Avakian and Steven Peikin and CFTC Enforcement Director James McDonald issued the following joint statement regarding virtual currency enforcement actions...more

SEC and CFTC Issue Joint Statement on Virtual Currency Enforcement Actions

by Ballard Spahr LLP on

The following joint statement was issued this last week from the Enforcement Directors of the Securities Exchange Commission and Commodity Futures Trading Commission...more

The Directors of SEC and CFTC Enforcement Warn Would-be Virtual Currency Market Fraudsters

by Dorsey & Whitney LLP on

The Enforcement Directors of the SEC and CFTC took the unusual step of issuing a joint statement regarding virtual currency enforcement actions at the close of last week. SEC Enforcement Co-Directors Stephanie Avakian and...more

CFTC Continues Federal Crackdown On Virtual Currency Fraud Schemes

by Fox Rothschild LLP on

On January 18, 2018, the Commodity Futures Trading Commission announced two enforcement actions as part of a continuing crackdown on virtual currency fraud schemes by numerous federal agencies. (We have previously written...more

CFTC Proposes Interpretation of “Actual Delivery” for Virtual Currencies

by Latham & Watkins LLP on

The proposed interpretation would further clarify the CFTC’s jurisdiction over virtual currency platforms that facilitate retail commodity transactions. On December 15, 2017, the US Commodity Futures Trading Commission...more

Orrick's Financial Industry Week In Review

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions - On January 9, 2018, the U.S. Commodity Futures Trading Commission (the "CFTC") approved final rules that update Parts 3 and 9...more

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions

On January 9, 2018, the U.S. Commodity Futures Trading Commission (the “CFTC“) approved final rules that update Parts 3 and 9 to integrate existing advisory guidance, incorporate swap execution facilities (“SEFs“) and update...more

Virtual Currency -- NFA Reporting Requirements and CFTC Proposed Interpretation of “Actual Delivery”

by K&L Gates LLP on

National Futures Association(NFA) is requiring that member commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) immediately notify NFA if they operate a pool or manage an account that engages in a...more

Commodity Futures Trading Commission Discusses Approach to Virtual Currency Futures Markets

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission has released a backgrounder on the federal oversight of virtual currencies and its approach to regulating the virtual currency derivatives markets. Because virtual currencies have been...more

Corporate and Financial Weekly Digest, Featuring Topics on Broker-Dealer, Derivatives, CFTC and UK/Brexit/EU DevelopmentsCorporate...

BROKER-DEALER - FINRA Releases 2018 Regulatory and Examination Priority Letter - On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing...more

Regulators Continue to Scrutinize Initial Coin Offerings

by Carlton Fields on

As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

Blockchain, Virtual Currencies and the Regulators

by Dorsey & Whitney LLP on

The public interest in anything relating to virtual currencies, blockchain technology or bitcoin is not just very high bit reaching near hysteria. For example, the Long Island Iced Tea Corporation saw its share price jump as...more

Chairman Giancarlo Statement on Virtual Currencies

On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. “The CFTC’s Market Risk Advisory Committee (MRAC), sponsored by CFTC...more

Financial Derivatives Intermediaries Who Trade Virtual Currencies Face the NFA’s Enhanced Reporting Requirements

Derivatives regulators continue to take actions that pull virtual currencies – also known as digital currency or cryptocurrency, the best known of which is bitcoin – into their regulatory schemes....more

New Year Brings Flurry of Regulatory Statements and Warnings Directed at Cryptocurrencies and ICOs

by Goodwin on

On the same day that a meteorological blizzard slammed the Eastern Seaboard, U.S. financial regulators unleashed their own flurry of statements and warnings surrounding initial coin offerings (ICOs) and cryptocurrencies....more

Federal Court Finds “Oral Downloads” to SEC Waived Attorney Work Product Protection

by Dechert LLP on

U.S. Magistrate Judge Jonathan Goodman, in the Southern District of Florida, ruled last month that outside counsel’s “oral downloads” of internal investigation findings to the Staff of the Securities and Exchange Commission...more

WSGR Fintech Update - January 2018

SEC Chair Speaks About ICOs and Virtual Currencies - In a statement released on December 11, 2017, Jay Clayton, Chair of the U.S. Securities and Exchange Commission (SEC), offered his views about initial coin offerings...more

CFTC Issues Proposed Interpretation on Retail Virtual Currency Transactions

by Reed Smith on

“Virtual currencies,” such as bitcoin and ether, qualify as “commodities” under the Commodity Exchange Act (“CEA”). The extent that such products are subject to regulation by the U.S. Commodity Futures Trading Commission...more

CFTC Issues Proposed Interpretation of ‘Actual Delivery’ in Virtual Currency Retail Commodity Transactions

On December 15, 2017, the Commodity Futures Trading Commission (CFTC or Commission) released its proposed interpretation of the term “actual delivery” with respect to virtual currency retail commodity transactions. A retail...more

Orrick's Financial Industry Week In Review

CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions - On December 15, 2017, the Commodity Futures Trading Commission ("CFTC") announced a Proposed Interpretation concerning its...more

Back to the Future: Where Bitcoin Derivatives Are Going, We Don’t Need Roads

by Locke Lord LLP on

For the typical investor, cryptocurrency investment has, since its genesis in the open market, been made largely through direct purchase of the particular currencies via digital wallets or through exchanges such as CoinBase....more

The Future of Bitcoin is Here (Literally): Crypto Derivatives Have Gone Mainstream!

by Goodwin on

Major derivatives market operators CBOE Holdings and CME Group have jumped into the digital currency fray within the last two weeks by launching cash-settled bitcoin futures contracts. The exchanges recently cleared de facto...more

Bitcoin Futures Trading Commences; Implications for Funds and Registered CPOs and CTAs

by Dechert LLP on

The Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) on December 1, 2017 self-certified contracts for bitcoin futures products with the U.S. Commodity Futures Trading Commission (CFTC). Additionally, on...more

Are Bitcoin Futures Foreshadowing Faster Mainstream Adoption?

Bitcoin futures surged as much as 26 percent in their December 10 debut on Cboe Global Markets, creating traffic on Cboe’s website that was so heavy it caused temporary outages. About twenty trading firms actively...more

CFTC Approves Exemption from SEF Registration Requirement for Multilateral Trading Facilities and Organized Trading Facilities...

On December 8, 2017, the Commodity Futures Trading Commission (“CFTC“) announced the issuance of an order exempting certain multilateral trading facilities and organized trading facilities authorized within the European Union...more

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