<p><span>Thank you to the Organising Partners and Patrons for the invitation to speak</span><span> here at City Week on key risks of digital assets.</span></p>
Americans are currently seeing a period of potentially significant change as financial technology (FinTech) companies seek to harness advances in communications, data processing, and cryptography to compete with traditional providers across a host of services. FinTech is changing how financial services are provided in a host of ways that make it possible for new competitors to compete with incumbents.1 Some of the most powerful are removing geographic limitations on where a company can offer its services, and lowering barriers to entry.
Commodity Futures Trading Commission filed enforcement action in Texas District Court charging Cornelius Johannes Steynberg, Mirror Trading International with fraud for planning multilevel marketing to solicit bitcoin transfers from individuals into centralized asset pool.
As with any new phenomenon, the rise of digital assets has created a new lexicon. "Blockchain," "tokens," and "coins" are now household vocabulary. Central to the discussion are a set.
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The Commodity Futures Trading Commission (CFTC) Settlements Timeline serves as an interactive compilation of select CFTC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the Order filed in September, 2015 by the CFTC requiring Coinflip and its chief executive officer Francisco Riordan to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, specifically, by operating a facility for the trading or processing of commodity options without complying with the CEA or CFTC Regulations otherwise applicable to swaps or conducting the activity pursuant to the CFTC’s exemption for trade options.