{"id":48184,"date":"2021-08-24T11:29:45","date_gmt":"2021-08-24T08:29:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=48184"},"modified":"2025-09-02T00:59:54","modified_gmt":"2025-09-01T21:59:54","slug":"cftc-clarifies-its-authority-over-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/cftc-clarifies-its-authority-over-cryptocurrencies\/","title":{"rendered":"CFTC clarifies its authority over cryptocurrencies"},"content":{"rendered":"

The U.S. Commodity Futures Trading Commission (CFTC) regulates derivatives \u2014 this applies to cryptocurrencies as well as to any other class of assets. The agency’s commissioner Don Stamp said<\/a>.<\/p>\n

According to him, the CFTC does not regulate commodities, regardless of whether they are securities.<\/p>\n

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\u201cNatural gas is a commodity, and the CFTC regulates futures contracts and swaps on it, but does not regulate the sale of natural gas. \u2026 Therefore, even if a digital asset is a commodity, it is not regulated by the CFTC. However, the CFTC regulates derivatives on digital assets,\u201d the commissioner said in the explanation.<\/em><\/p>\n<\/blockquote>\n

He reminded that the Commission has authority to enforce the rules for the products it regulates. In particular, the CFTC will focus on a trading platform offering crypto-based financial instruments without registration and in violation of the rules.<\/p>\n

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\u201cThat was in the case CFTC v. BitMEX<\/a>,\u201d Stamp noted.<\/em><\/p>\n<\/blockquote>\n

In August 2021, the cryptocurrency derivatives exchange settled a civil dispute<\/a> with the CFTC and FinCEN<\/span>. The company agreed to pay a $100 million fine.<\/p>\n

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\u201cTo determine the CFTC\u2019s authority over a digital asset, don\u2019t ask whether it is a commodity or a security. Ask whether a futures contract or another derivative product is involved,\u201d the commissioner stressed.<\/em><\/p>\n<\/blockquote>\n

As previously reported, former CFTC chair Christopher Giancarlo described the Commission as the sole regulator,<\/a> empowered to oversee Bitcoin and other cryptocurrencies.<\/p>\n

DigitalAssetsAuthorityInfographic_CommStump082321<\/a> by ForkLog<\/a> on Scribd<\/p>\n