News & Analysis as of

Commodities Exchange Act

How one New York court is shaping the future of cryptocurrency regulation

by DLA Piper on

Two cases in a New York federal courthouse – the US District Court for the Eastern of New York – have the potential to dramatically shape the future of cryptocurrency regulation....more

Second Circuit Finds Commodity Exchange Act Claims Based On Korea Exchange Futures Contracts Adequately Pleaded Under Morrison's...

by Shearman & Sterling LLP on

In a March 29, 2018 decision, amended on May 9, 2018, the United States Court of Appeals for the Second Circuit vacated the dismissal of claims against defendants Tower Research Capital LLC (a New York based high-frequency...more

Two Significant Losses For the CFTC

by Dorsey & Whitney LLP on

The Dodd-Frank Wall Street Reform Act strengthened the jurisdiction and enforcement capabilities of the CFTC in a number of respects. Once key provision concerned Retail Commodity Contracts, under CEA Section 2(c)((2)(D)....more

Federal court opinion could impact CFTC proposed guidance on retail commodity transactions in virtual currency

by Dentons on

On May 1, 2018, United States District Court Judge James Selna in Santa Ana, California, issued an opinion that could impact proposed guidance issued by the Commodity Futures Trading Commission (CFTC) regarding retail...more

Securities Law/Commodities Exchange Act (CEA) - The World in US Courts: Spring 2018

Claims of Manipulation of Trades on US-Based Globex Trading Platform Used by Korean Options Exchange Cannot Lead to Liability Under the CEA....more

When Do Virtual Currency Transactions Qualify for the 'Actual Delivery' Exception from the CFTC's Jurisdiction?

by JD Supra Perspectives on

Commentary on the CFTC's proposed interpretation of the 'actual delivery' exception to cryptocurrencies, from two CFTC attorneys in their personal capacity....more

Deducting Attorneys’ Fees Under the Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “2017 Act”) purports to bring broadly lower tax rates to most U.S. individuals and companies; however, it does so at the expense of clear tax policy objectives in many areas. That lack...more

Business Litigation E-Note - March 2018

by Burr & Forman on

The regulation of virtual currencies, or cryptocurrencies, is evolving. In an important new decision from the United States District Court for the Eastern District of New York, the Court held, among other things, that the...more

Federal Court Grants Preliminary Injunction, Affirms CFTC Jurisdiction over Virtual Currencies

Earlier this month, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York entered a preliminary injunction order against Patrick McDonnell and his company, CabbageTech, Corp. (together, the...more

Federal Court Ruling Recognizes CFTC Jurisdiction over Cryptocurrencies as Commodities

by Dechert LLP on

The U.S. Commodity Futures Trading Commission (CFTC) scored a victory in its effort to assert jurisdiction over portions of the cryptocurrency and initial coin offering (ICO) markets last week, as a federal district judge...more

Blockchain Week in Review - February 2018

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

SEC and CFTC Chairmen Testify before Senate on Cryptoasset Regulation

Last month, SEC chairman Jay Clayton and CFTC chairman Christopher Giancarlo testified before the Senate Banking Committee on their agencies’ regulatory efforts with respect to cryptoassets and ICOs. The written testimonies...more

Regulators…Mount Up! Federal District Court Formally Recognizes Cryptocurrencies as Commodities and Designates the CFTC as a...

by Locke Lord LLP on

At least for now, the Commodities Futures Trading Commission (“CFTC”) will be the leading fraud regulator for cryptocurrency and virtual currency transactions. On Tuesday, March 6, 2018, Judge Jack B. Weinstein of the United...more

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

US District Court rules virtual currencies are commodities

On March 6, 2018, the Eastern District of New York was the first federal court to rule that virtual currencies, also referred to as cryptocurrencies, are commodities under the Commodity Exchange Act (CEA) and that the...more

Eastern District Of New York Grants Preliminary Injunction In Opinion Backing CFTC's Authority To Regulate Cryptocurrency

by Shearman & Sterling LLP on

On March 6, 2018, Judge Jack B. Weinstein of the United States District Court for the Eastern District of New York entered a preliminary injunction against a virtual currency company and its owner in connection with an...more

Federal Judge Upholds CFTC’s Determination that Virtual Currencies Are Commodities

by Morrison & Foerster LLP on

In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more

Federal Judge Rules Virtual Currencies Are Commodities Under the Commodity Exchange Act

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more

Busy day for CFTC and SEC Cryptocurrency Regulators: Enforcement Actions, a Public Letter, and Joint Statement

The CFTC and SEC made numerous headlines Friday in their ongoing efforts to provide regulatory oversight of cryptocurrency markets. The CFTC announced the filing of two civil enforcement actions against allegedly fraudulent...more

CFTC Releases Chairman Statement and Backgrounder on Virtual Currencies

The Commodity Futures Trading Commission (CFTC or Commission) Chairman J. Christopher Giancarlo issued a statement this week on virtual currencies. The CFTC also released a backgrounder on its oversight of and approach to...more

Bitcoin Futures Trading Kicks Off; CFTC to Monitor Risk

CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2018

With the public equity markets at an all-time high and private equity fund raising setting new records, it might seem counter-intuitive to forecast litigation and regulatory risks. The opposite is true. Disputes typically...more

US DOJ, Commodity Futures Trading Commission Charge Three Banks and Multiple Individuals in Spoofing Schemes

by Shearman & Sterling LLP on

The US Department of Justice and Commodity Futures Trading Commission announced enforcement actions against three banks and multiple individuals involved in alleged commodities fraud and spoofing schemes....more

CFTC and DOJ File a Flurry of Spoofing Actions

On January 29, 2018, the Commodity Futures Trading Commission (CFTC) announced the filing of eight anti-spoofing enforcement actions: three settlements with financial institutions and five complaints filed in federal district...more

Blockchain Week in Review – January 2018

by Perkins Coie on

U.S. Developments - Regulatory Updates - CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions - This morning, the Enforcement Director of the U.S. Commodity...more

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