US Regulators Clarify Crypto Regulation Roles in Joint Statement

US Regulators Clarify Crypto Regulation Roles in Joint Statement

At the core of any democratic country there are rules and regulations. If the past few years have taught us anything, it is that these rules are bound to change in order to accommodate emerging technologies. This is clearly proven in the ongoing struggle to regulate cryptocurrencies. However, financial regulators constantly show they are working tooth and nail to be on top of the matter. In what can be seen as the best move on…

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CFTC Investigates Crypto Exchange BitMEX over Alleged Illicit US Trading

CFTC Investigates Crypto Exchange BitMEX over Alleged Illicit US Trading

Seychelles-based cryptocurrency subsidiaries exchange BitMEX is being examined by the America Commodity Futures Trading Commission (CFTC) to decide if it defied guidelines by permitting U.S dealers into its platform. As per a Bloomberg report on Friday, the investigation would take several months to explore the issue since BitMEX isn’t enlisted with the CFTC. BitMEX CEO and founder Arthur Hayes was quoted saying about the crypto exchange’s imbroglio: “BitMEX gives secured, quick, and standard methods for…

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The CFTC Unravels a $147M Crypto Ponzi Scheme Called Control-Finance

The CFTC Unravels a $147M Crypto Ponzi Scheme Called Control-Finance

The crypto boom of 2017 gave rise to a number of fraudulent crypto schemes who pretend to be legit crypto projects but are, in fact, nothing more than mere Ponzi schemes. Their usual game is to deceive unsuspecting crypto enthusiasts and investors into investing with them and then disappearing with the funds once the cryptocurrency’s price hits a peak. The same technique was used by a deceitful scam called Control-Finance, a supposed crypto venture based…

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CFTC Chairman Says Blockchain Could Have Stopped the 2018 Housing Crisis

CFTC Chairman Says Blockchain Could Have Stopped the 2018 Housing Crisis

Italy’s Commissione Nazionale per le Società (CONSOB) this year has brought to light some digital challenges facing regulatory bodies in the 21st century. The just concluded CONSOB had a number of regulatory agencies in attendance, including the US CFTC. Comparing the digital world today to the Futurist movement in art and literature in 1909, the chairman of the US Commodity Futures Trading Commodity (CFTC), Christopher Giancarlo, educated his audience on how desperate times call for…

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Facebook Met with the CFTC to Discuss its Cryptocurrency Globalcoin Project

Facebook Met with the CFTC to Discuss its Cryptocurrency Globalcoin Project

The social media giant Facebook has reportedly met with several regulatory agencies to discuss the future of its cryptocurrency project ‘Globalcoin.’ And two days ago, the US Commodity and Futures Trading Commission (CFTC) boss, Christopher Giancarlo, stated in an interview that they are currently in the early stage of discussion with Facebook. Giancarlo explained that the essence of the meeting is to ascertain whether or not Facebook’s cryptocurrency falls within the jurisdiction of the CFTC….

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Ethereum Futures Update: CFTC Ready to Give the Green Light

Ethereum Futures Update: CFTC Ready to Give the Green Light

According to a recent report, an insider disclosed that the U.S. Commodity Futures Trading Commission (CFTC) is ready to sign an Ethereum futures contract if it meets the requirements. The anonymous insider suggests that they have read through the suggestions and are willing to consider applications submitted for an Ether futures contract – provided it is in compliance with all the rules laid down by regulators. Signing an Ether futures contract is predicted to bolster…

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CFTC Chairman Giancarlo Expects More Clearinghouses Due to More Interest in Crypto

CFTC Chairman Giancarlo Expects More Clearinghouses Due to More Interest in Crypto

US Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo gave testimony to the US House Agriculture Committee earlier this week and shared his opinions on cryptocurrency, which remain quite consistent as his previous public assertions regarding the crypto world. Chairman Giancarlo talks about “transforming the CFTC into a 21st Century digital regulator” by enabling the CFTC to respond to rapidly changing markets and technological developments, such as blockchain and cryptocurrencies. Giancarlo argues that the…

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The CFTC Asks for Guidance about Ethereum from the Crypto Community

The CFTC Asks for Guidance about Ethereum from the Crypto Community

Among all U.S. consumer protection agencies and regulators, the Commodity Futures Trading Commission (CFTC) is probably the most crypto-friendly. In the past, the CFTC Chairman asserted that he believes that heavy regulation on the crypto industry isn’t necessary, and just recently the CFTC’s tech and innovation hub (LabCFTC) released a primer on smart contracts in order to engage with the industry’s innovators. Now, the CFTC also demonstrates that it is not shy to ask for…

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Law Professor: The US Didn’t Make Up its Mind if Crypto Is Money, Property, Commodity or Security

Law Professor: The US Didn’t Make Up its Mind if Crypto Is Money, Property, Commodity or Security

Carol Goforth, a Law professor at the University of Arkansas recently posted an interesting article about crypto on a law blog ran by the University of Oxford. In her blog post, she outlined the current confusion over crypto and how it is classed, saying crypto is treated as “money, property, a security, and a commodity all at the same time”. Confusion: What is crypto? Internal Revenue Service (IRS) regulates crypto as a property imposing “record-keeping…

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LabCFTC Releases Smart Contracts Primer to Further Engage with Innovators

LabCFTC Releases Smart Contracts Primer to Further Engage with Innovators

On Tuesday November 27 The Commodity Futures Trading Commission’s (CFTC) tech and innovation hub, called LabCFTC, released a primer on smart contracts. The primer was born out of a desire for the CFTC to work closely with crypto and FinTech innovators and market experts in order to safely and effectively allow new FinTech onto the market. LabCFTC Director Daniel Gorfine said in a statement: “Smart contracts are being used to drive further automation in our…

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