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CFTC Commissioner Dawn D. Stump described the scope of the CFTC s
jurisdiction over cash market commodities (such as Bitcoin). She
contrasted the agency s limited anti-fraud authority over these
commodities to the CFTC s broader authority over commodity
futures and derivatives (including Bitcoin futures).
To illustrate the CFTC s enforcement authority, Ms. Stump
highlighted an enforcement action against Coinbase Inc.
( Coinbase ). Even though Coinbase never offered a
derivatives product - placing it outside the scope of the
CFTC s regulatory authority - the CFTC s enforcement
authority allows it to investigate fraud or manipulation in cash
Remarks Of CFTC Commissioner Dawn D. Stump Before Texas A&Mâs Bitcoin Conference - âInnovation And Regulationâ Date
Introduction
Thank you to Professor Korok Ray and Texas A&M University for the kind invitation to participate in this conference. I am happy to be here with you today, even if only virtually. I would much prefer to be back in my home state of Texas to join you in person, but I am nonetheless grateful for the technology that allows me to participate remotely.
Over the course of the conference you have heard others explain various developments in the evolution of bitcoin. Rather than repeat what you have already heard about the tremendous growth and noteworthy interest in bitcoin, my remarks instead will focus on the regulation of bitcoin. There are many federal and state regulators that also have an interest in bitcoin, as well as the entities that trade and custody bitcoin among the most prominent at the federal level are the
Cryptocurrency Exchanges Forge New Paths, Bitcoin ETF Applications Continue
By:
This week one of the largest U.S. cryptocurrency exchanges, Coinbase, completed its initial public offering through a direct listing of its shares on Nasdaq. Separately, according to a press release, last week cryptocurrency platform Exodus opened its blockchain-based SEC-qualified public offering of common stock, with each share of common stock represented by a “Common Stock Token.” The company, which offers a multi-asset cryptocurrency wallet, reportedly has received subscriptions for nearly $60 million from more than 4,000 accredited and non-accredited investors.
A well-known financial services company focused on digital assets and cryptocurrencies recently filed a bitcoin exchange traded fund (ETF) application with the Securities and Exchange Commission (SEC), according to a recent report. Another recent report noted that the SEC recently began review of a separate bitcoin ETF application by an
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In the US Securities and Exchange Commission staff’s most recent guidance addressing environmental, social, and governance (ESG) investing, the staff of the Division of Examinations released an April 9 Risk Alert noting observations made during recent examinations of investment advisers and funds (both registered and private) engaged in ESG investing.
The Risk Alert[1] highlights certain deficiencies and internal control weaknesses observed by the staff, as well as observations regarding what the staff viewed as effective practices related to the management and oversight of ESG investing activities. The Risk Alert also summarizes certain ESG-related areas on which the Division of Examinations (Examinations) intends to continue to focus in its examinations of investment advisers and funds. In an April 12, 2021, statement, US Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce offered her thoughts on th
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SEC Commissioner Hester M. Peirce proposed an updated version of her
proposal for a three-year safe harbor from the application of
securities laws, aside from anti-fraud requirements, on the sale
and trading of digital tokens.
As previously covered, Ms. Peirce proposed the
following conditions for a token to benefit from the exemption:
the token does not represent a financial interest in an entity
or any right to receive any ownership interest or the right to
receive any financial return, whether in the form of a share of