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ARTICLE · 25 OCTOBER 2017

CFTC Provides Guidance On Virtual Currencies

Hogan Lovells Cadwalader
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The CFTC published a "primer" that (i) provides a high-level overview of virtual currencies, (ii) outlines the CFTC's oversight of the space and (iii) cautions market participants of the risks...

United StatesFinance and Banking
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The CFTC published a "primer" that (i) provides a high-level overview of virtual currencies, (ii) outlines the CFTC's oversight of the space and (iii) cautions market participants of the risks associated with virtual currencies.

The primer outlines potential use-cases for virtual currencies and blockchain, as well as situations in which CFTC jurisdiction is indicated. The report notes that virtual currencies are commodities, but acknowledges that, beyond preventing fraud or manipulation, the CFTC generally does not oversee "spot" markets in commodities; i.e., short-term trades settled by the delivery of the relevant product.

The primer, produced by the CFTC's "LabCFTC," is intended to be the first in a series of publications intended to help market participants understand technological innovation in the financial space and the CFTC's role.

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