In Brief:
- Commodity Futures Trading Commission had clarified the agency’s authority concerning digital assets.
- They have publicized 10 concise points
Commodity Future Trading Commission (CFTC) had given a brief statement about the agency’s role in digital assets. According to CFTC, No Platform will allow trade without registration in the USA. Also, It will be subject to CFTC’s enforcement authority.
On Monday, Dawn stump, One of the four commissioners of CFTC published a statement about their role in Digital assets and Trading for the USA. Stump cleared that CFTC will involve in both regulatory and enforcement authority for commodities.
She had not revealed which kind of commodities will be under the eye of CFTC. She said that “even if a digital asset is a commodity, it is not regulated by the CFTC.” According to the commissioner, however, the agency is within its power to regulate derivatives on digital assets, “such as the futures contracts on Bitcoin and Ether listed for trading on various CFTC-regulated exchanges.”
In the USA different government agencies are working to handling to digital asset regulation and enforcement in the country. Such as a CFTC, Securities and exchange commission (SEC), and the Financial Crimes Enforcement Network (FinCEN). Still, All agencies handling differently to regulate and enforce digital assets in the company. Each Agency has its legal law and jurisdictional claim regarding Cryptocurrency.
Also Read: Brian Quintenz Steps Down from the Role Of CFTC Commissioner
Stump quoted that “To determine the CFTC’s regulatory authority with respect to a digital asset, ask not whether the digital asset is a commodity or a security — ask whether a futures contract or other derivatives product is involved.”
Also, Stump has announced the new security and regulation on digital commodities and digital assets. They have also attached one document related to the new guidelines of CFTC. where they explained about digital commodities regulations and security terms.
