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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CFTC Commissioner Rostin Behnam Discusses Challenges of the FinTech Industry

CFTC Commissioner Rostin Behnam Discusses Challenges of the FinTech Industry

The 2018 ISDA Annual Japan Conference was held on Friday October 26 in the Shangri-La Hotel in Tokyo. This year’s topics included the next steps to benchmark reform, and the ever impending Brexit, among other things, but what we’re interested in is Commissioner Rostin Behnam’s remarks on FinTech and cryptocurrency. Benham gave a relatively long but engaging speech that focused on what he considers significant hurdles in our markets. Key Remarks The remarks below by…

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The CFTC Cracks Down on Bitcoin Ponzi Scheme with over $2.5M in Penalties

The CFTC Cracks Down on Bitcoin Ponzi Scheme with over $2.5M in Penalties

On Thursday 18 October a New York Federal court ordered Gelfman Blueprint Inc (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million in penalties after more than 80 customers were victims of fraud. Gelfman Blueprint Inc said about themselves before the incident that they are a software development firm, currently offering customers access to a high-frequency BTC trading program called ‘Jigsaw’ (2% weekly BTC return). This news was released by the US Commodity…

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CFTC Commissioner Binds Smart Contracts with Regulations

CFTC Commissioner Binds Smart Contracts with Regulations

The 38th annual GITEX Technology Week Conference took place yesterday 16 October in Dubai and US Commissioner Brian Quintenz attended as a speaker. Quintenz was nominated by President Obama and later Trump as a Commissioner of the US Commodity Futures Trading Commission (CFTC). However, Quintenz makes it clear in his speech that the views he shares are his own and do not represent the opinions of the Commission. While this is a somewhat typical and…

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Former CFTC Chairman Gary Gensler Discusses Crypto, Blockchain and Regulation

Former CFTC Chairman Gary Gensler Discusses Crypto, Blockchain and Regulation

And the saga of crypto classification and regulation continues… this time with the input and observations of Gary Gensler, who was the chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014. In an interview with Bloomberg, Gensler discussed cryptocurrency, blockchain and regulations while releasing some very interesting statements. First, Gensler praised blockchain technology and professed that it “has a real chance to be a catalyst for a change in the world of…

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CFTC Chair: Bitcoin May Solve some of the World’s Problems

CFTC Chair: Bitcoin May Solve some of the World’s Problems

“Cryptocurrencies are here to stay” – This recent quote doesn’t belong to a crypto enthusiast or investor, nor to a startup company that launches its initial coin offering (ICO), and not even to an overzealous blogger. This quote was made by the chairman, no less, of the U.S. Commodity Futures Trading Commission (CFTC) – the regulatory government agency that oversees futures and option markets. In an interview with CNBC’s Fast Money, the CFTC Chair Chris…

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