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Commodities Virtual Currency Bitcoin

Katten Muchin Rosenman LLP

After Over a Decade of Rejections, SEC Approves 11 New Spot Bitcoin ETPs

Eleven spot bitcoin-based exchange-traded products (ETPs) were finally approved by the Securities and Exchange Commission (SEC) on January 10, 2024, after multiple such ETPs had been rejected by the SEC over the last ten...more

Cadwalader, Wickersham & Taft LLP

First Attempt to Regulate Spot Digital Asset Activities

On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

Cadwalader, Wickersham & Taft LLP

NYSBA Tax Section’s Crypto Recommendations

On April 18, 2022, the New York State Bar Association (“NYSBA”) Tax Section published its second report on cryptocurrency and digital assets (“the Report”). The Report recommends...more

Perkins Coie

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

The Regulation of Retail Commodity Transactions—History and Background - On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding...more

Perkins Coie

CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of...more

Polsinelli

BitBlog Bi-Weekly Update - March 2020

Polsinelli on

Strikeout for Bitcoin ETF -   Another ETF bites the dust. On February 26th the SEC rejected the application of NYSE Acre for the approval of an exchange traded fund sponsored by the New York firm of Wilshire Phoenix to...more

Polsinelli

Blockchain Litigation Year in Review (Part 1): Lessons From 2019 And What’s Ahead For 2020

Polsinelli on

When is a digital asset a security or a commodity? Are SAFTs safe? Does hyping blockchain create an expectation of profit? Is blockchain a trademark, trade secret or neither? Are free tokens tax-free? Who is Satoshi Nakamoto?...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Polsinelli

BitBlog Weekly Update

Polsinelli on

This BitBlog summary focuses on the continuing actions by the U.S. Securities and Exchange Commission (“SEC”) against the issuers of noncompliant initial coin offerings (“ICOs”) and other crypto related transactions including...more

Proskauer - Blockchain and the Law

CFTC Chairman States Ether is a Commodity

In remarks made at the Yahoo! All Markets Summit in New York, Heath Tarbert, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), said that he believed the Ether cryptocurrency was a “commodity” and should be...more

Orrick, Herrington & Sutcliffe LLP

Smart Contracts That Violate the Commodity Exchange Act: What Parties Are Liable?

In recent years, the U.S. Commodity Futures Trading Commission (CFTC) has devoted significant resources to addressing how the requirements of the Commodity Exchange Act (CEA) and the regulations thereunder apply to...more

Ward and Smith, P.A.

Will Bankruptcy Courts Treat Bitcoin as a Commodity?

Ward and Smith, P.A. on

What is virtual currency? Is it money? Is it a commodity? Is it a hybrid of the two or something else entirely? The answer to the question has profound implications for lenders seeking to secure loans with virtual...more

Foodman CPAs & Advisors

¿Vale la pena el riesgo de la Moneda Virtual?

Hemos leído que la Moneda Virtual (MV) es un "activo especulativo" que, en determinadas circunstancias, puede utilizarse para pagar bienes o servicios o ser retenido para inversiones; y que su intercambio o uso de intercambio...more

Foodman CPAs & Advisors

Is Virtual Currency worth the Risk?

We have read that Virtual Currency (VC) is a “speculative asset” that under certain circumstances may be used to pay for goods or services or be held for investment; and that its sale, exchange or use has tax consequences...more

Kramer Levin Naftalis & Frankel LLP

Virtual Currencies Are Commodities: Federal Court

The U.S. District Court for the District of Massachusetts recently sided with the Commodity Futures Trading Commission (CFTC) and decided that virtual currencies are commodities. This ruling confirms the regulator’s...more

Hogan Lovells

A look at the regulators that could and should regulate cryptocurrencies in the United States

Hogan Lovells on

Bitcoin and other digital assets were conceived as radical, decentralized currencies that would operate independently, outside of traditional banking systems and unencumbered by regulations....more

Burr & Forman

Massachusetts District Court Finds Virtual Currencies Are Commodities

Burr & Forman on

In Commodity Futures Trading Commission v. My Big Coin Pay, Inc., — F. Supp. 3d —, 2018 WL 4621727 (D. Mass. Sept. 26, 2018), the Massachusetts District Court determined that the Commodity Futures Trading Commission (“CFTC”)...more

Eversheds Sutherland (US) LLP

Virtual currencies as commodities - CFTC wins battle in the fight to define cryptocurrencies as commodities but has it won the...

Recently, a United States District Court in Massachusetts ruled in favor of the US Commodity Futures Trading Commission’s (CFTC) argument that a virtual currency (My Big Coin or MBC) is a “commodity” within the meaning of the...more

Proskauer - Blockchain and the Law

Virtual Currencies Can Be Regulated by CFTC as a “Commodity”

In a notable ruling, a Massachusetts district court declined to dismiss a complaint filed by the Commodity Future Trading Commission (“CFTC”) against an entity over an alleged fraudulent virtual currency offering, ruling that...more

Ballard Spahr LLP

Virtual Currencies May Be Commodities, Federal Judge Rules

Ballard Spahr LLP on

The ongoing debate on whether virtual currencies with certain characteristics should be classified as commodities subject to regulation and enforcement by the Commodities Futures Trading Commission (CFTC) is the focal point...more

Akin Gump Strauss Hauer & Feld LLP

Developments in Cryptocurrency in 2018

• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Burr & Forman

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 7: The CFTC’s Proposed Cryptocurrency Interpretation.

Burr & Forman on

After Bitfinex, the CFTC issued its Proposed Interpretation on “Retail Commodity Transactions Involving Virtual Currency.” Proposed Interpretation, 82 Fed. Reg. 60335 (CFTC Dec. 20, 2017). Although the comment period closed...more

Latham & Watkins LLP

The yellow brick road for consumer tokens: The path to SEC and CFTC compliance

Latham & Watkins LLP on

Developing a framework for consumer tokens - With the rapid growth in the development of blockchain technology, virtual currencies and token sales (sometimes referred to as initial coin offerings, or ICOs) in 2017 and...more

Burr & Forman

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 6: The CFTC’s Bitfinex Order.

Burr & Forman on

In a series of 2015 decisions, the CFTC determined that virtual currency is a commodity subject to its jurisdiction. In a 2016 settled enforcement action, the CFTC took the position that an unregistered platform...more

Burr & Forman

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 5: Commodities Forwards: Dodd-Frank & Hunter Wise.

Burr & Forman on

The 2011 Dodd-Frank Act amended the CFTC’s jurisdiction to authorize regulation of “retail commodity transactions offered ‘on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in...more

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