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Another Court Rules Virtual Currencies are Commodities Subject to CFTC Oversight

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The U.S. District Court for the District of Massachusetts is the latest court to rule that virtual currencies are commodities, and subject to Commodity Futures Trading Commission (CFTC) jurisdiction.

In CFTC v. My Big Coin Pay, Inc., the district court entered an order holding that the CFTC has the power to prosecute fraud involving virtual currency, even in instances where there is no futures contract over the relevant virtual currency. This decision, along with enforcement actions of other regulators, have provided some clarity to participants involved in virtual currency markets.

In my SECurities Law Perspectives blog post, I discussed the My Big Coin Pay decision, CFTC v. McDonnell and recent enforcement actions by the SEC, CFTC and FINRA. Click here to visit the full blog post.

 

The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.

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October 10, 2018
Written by: Nicholas Wendland
Category: Uncategorized
Tags: CFTC, Commodity Futures Trading Commission, virtual currency

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