CFTC – Issued analysis on oversight of digital assets

August 23, 2021 – CFTC released analysis related to the commission’s role in digital asset oversight and enforcement. Analysis issued by Commissioner Dawn Stump reflecting her own views on the subject. Articulated ten key points to clarify CFTC’s role related to monitoring digital asset uses and trade. Litmus test is not whether the asset is a commodity or security but whether the derivatives, swaps, futures contract on the asset is involved in the transaction / trade.

CFTC Oversight – Enforcement of Digital Assets:
Analysis underscores CFTC role to monitor trading and clearing of futures, derivatives, and other futures contracts (i.e., swaps) on commodities, not commodities themselves. To this end, futures and derivatives of digital assets would be within the commission’s purview. In circumstances, on a case-by-case basis, the SEC and CFTC may hold joint authority. For example, where a digital asset is deemed a security, the derivative on the asset would be regulated by CFTC or may require further analysis to determine authority. Regarding oversight, platforms offering derivatives or other futures contracts on digital assets would be monitored by the commission and subject to its regulations. Further, analysis stipulates that anti-manipulation, anti-fraud authority is held by CFTC regarding cash commodities as they are required for an efficient futures market.

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