DeFi Should Be Off-Limits For CFTC, Says Coinbase CEO
Brian Armstrong recently took to X to share his opinion on legal enforcement in the DeFi space.
The US Commodity Futures Trading Commission (CFTC) is an independent federal agency that was established back in 1974 by the Commodity Futures Trading Commission Act. It regulates the commodity futures, as well as the options market. The goal is to protect investors against market manipulation, fraud, and abusive trade practices, while also promoting competitive and efficient trading.
There has been a serious debate regarding the nature of cryptocurrencies and whether or not they can be classified as commodities or securities, or even currencies, in general. Bitcoin, for example, was deemed a commodity by the CFTC back in 2015. Hence, those who operate with it would have to abide by the regulations set forth toward commodities.
In December 2019, the Chairman of the CFTC also said that Ether (ETH) is a commodity and, as such, falls within the jurisdiction of the CFTC.
Regarding other cryptocurrencies, it depends on their structure, intended use, and designation. As such, some of them may be considered securities and to fall within the department of the Securities and Exchange Commission (SEC), which posts a whole different set of rules.
Brian Armstrong recently took to X to share his opinion on legal enforcement in the DeFi space.
CFTC's Ian McGinley warned that the agency will continue to evolve with DeFi and "aggressively" pursue entities operating unregistered platforms
The SEC is seeking to appeal the Ripple ruling, while applications for a Bitcoin ETF are piling up. It seems
The four people, alongside their unincorporated entity, promised investors extremely high returns.
The CFTC alleged that the Tennessee couple managed to persuade 100 individuals to entrust them with their money despite having
The 49-page document addresses the CFTC’s complaints and claims that they are unfounded.
Stablecoins could help America's payment system catch up with those that are more advanced, Massad stated.
A bold move previously attempted by Coinbase and Bittrex will now be undertaken by Binance too.
The investigation launched by the CFTC in the wake of Celsius’ collapse has concluded, and a lawsuit may be in
The CFTC alleged that thw defendants failed to use customer funds for bitcoin trading and did not deliver on its