CFTC Launched the Online Resources for Bitcoin Investors
December 19, 2017 11:02 am
The U.S. Commodity Futures Trading Commission (CFTC) launched its new cryptocurrency resource website, which is developed for educating the public regarding these wholly digital commodities. The site features links to a level of CFTC launch, including an October primer from its LabFTC arm and information regarding futures, launches from firms such as CBOE and CME Group.
The agency described:
“[Financial] technologies have the potential for significant or even transformational impact on CFTC regulated markets and the agency itself. One of the most recent marketplace developments driving a lot of interest is the rise in prominence of virtual currencies, specifically bitcoin.”
The website was launched on Friday, the same day the CFTC launched its proposed definitions for “delivery” in the context of cryptocurrency assets. The agency has begun on a 90-day comment period regarding the proposal, requesting feedback from the public on an issue that had stoked criticism and beguiled regulators working on the possible solutions.
The release may represent a kind of normalization for bitcoin at the agency, which moved to classify bitcoin as a kind of commodity in 2015. Indeed, the CFTC’s chief reviewed earlier this month that, in his view, Bitcoin is an unusual kind of commodity by the agency’s standards.
“I have said consistently that virtual currencies are unlike any commodity that the CFTC has dealt with in the past, and I know they pose challenges for the SEC as well.”