Cryptocurrency Update: CFTC Reaffirms Jurisdiction Over Certain Virtual Currency Transactions

There is little question that virtual currency will be subject to increasing regulatory oversight as it continues its steady march towards the mainstream. On October 17, 2017, the Commodity Futures Trading Commission (CFTC) made that all the more clear through the release of "A Primer on Virtual Currencies," the first of a series of publications "to help market participants and innovators navigate the FinTech landscape." The primer reiterates the CFTC's view that virtual currency is a commodity but denies any conflict with recent pronouncements by the Securities and Exchange Commission (SEC) also asserting jurisdictional authority in this space.

The primer was put together by CFTCLab, an initiative that the CFTC launched in May to "facilitate market-enhancing financial technology innovation" and to "inform the Commission's understanding of emerging technologies." That the CFTCLab focused on virtual currency for its inaugural publication is a testament to the growing