The Securities and Exchange Commission’s much heralded “plain English” guidance on what makes an ICO a security wasn’t the good news many people thought it was. That is, wrapped in nicer language, the conclusion reached on May 16 by the Wall Street Blockchain Alliance, which had 11 attorneys and its chairman, Ron Quaranta, studying the document for nearly six weeks.
As Tether customers pull money out, it wants some of its remaining dollars to be put to use instead of sitting in a bank, according to its attorneys.
How the CFTC views crypto and distributed ledger technology will have significant impact on how they develop over the coming years. To get an idea of the CFTC’s approach, we met with Daniel Gorfine, the agency’s chief innovation officer and director of their “LabCFTC” which, as they describe it, is “designed to be the hub for the agency's engagement with the FinTech innovation community.” Gorfine often travels from city to city for LabCFTC’s “office hours,” where innovators can come and meet with the agency to ask questions. We decided to ask some questions ourselves.
On October 3, 2018, the U.S. Commodity Futures Trading Commission (CFTC) issued a statement saying that Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts declared “virtual currencies” are commodities. The order coming from Judge Zobel is one of several rulings and statements that have gripped the crypto-sphere over the last year or so as digital asset creators, their investors, exchanges, and various companies and organizations attempt to gain clarity over whether their distribution, purchase and selling, and use of digital assets is legal in the United States. Unfortunately, the ruling from Judge Zobel and subsequent statement from the CFTC only seems to muddy the waters…