News & Analysis as of

Cryptocurrency Fraud Commodities

Pillsbury Winthrop Shaw Pittman LLP

Judge Starr’s Ruling in Metals.com Case Raises Jurisdictional Questions About CFTC Authority

A recent ruling by a Texas federal court adopts a narrow, textually driven reading of the Commodity Exchange Act, questioning whether gold and silver bullion are “commodities” within the statute’s scope....more

BakerHostetler

U.S. Exchange Closes, Swiss Bank Expands Crypto Offerings; NFA Issues Digital Asset Commodities Rule; Crypto Enforcement...

BakerHostetler on

Crypto Exchange Ends U.S. Operations, Swiss Bank to Expand Crypto Offerings - Late last month, Bittrex, a leading cryptocurrency exchange founded in Seattle, announced it was closing U.S. operations effective April 30,...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

A House Of Cards Falls Down

Takeaway: Ignorance was not bliss for Samuel Bankman-Fried. The young cryptocurrency entrepreneur faces 8 charges in the Southern District of New York for allegations that his company, FTX, mishandled millions of dollars of...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

This is the inaugural issue of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this edition, we examine a federal...more

Sheppard Mullin Richter & Hampton LLP

CFTC Cryptocurrency Enforcement Receives Further Judicial Support

The Commodity Futures Trading Commission (“CFTC”) obtained an important court win and boost to its regulatory authority over Cryptocurrencies this month. A federal district court in Massachusetts recently issued a decision in...more

A&O Shearman

District Of Massachusetts Denies Motion To Dismiss, Finds Virtual Currency "My Big Coin" Is A Commodity Under Commodity Exchange...

A&O Shearman on

On September 26, 2018, Judge Rya W. Zobel of the United States District Court for the District of Massachusetts denied a motion to dismiss a complaint filed by the Commodity Futures Trading Commission (“CFTC”) that alleged...more

Eversheds Sutherland (US) LLP

Virtual currencies as commodities - CFTC wins battle in the fight to define cryptocurrencies as commodities but has it won the...

Recently, a United States District Court in Massachusetts ruled in favor of the US Commodity Futures Trading Commission’s (CFTC) argument that a virtual currency (My Big Coin or MBC) is a “commodity” within the meaning of the...more

Sheppard Mullin Richter & Hampton LLP

Court Rules Cryptocurrencies Can Be Regulated By The CFTC As Commodities

The regulatory landscape surrounding cryptocurrency continues to evolve. Most of the activity to date has involved regulatory enforcement actions brought by the Securities and Exchange Commission (“SEC”) and Commodity Futures...more

Proskauer - Blockchain and the Law

Federal Court Grants Preliminary Injunction, Affirms CFTC Jurisdiction over Virtual Currencies

Earlier this month, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York entered a preliminary injunction order against Patrick McDonnell and his company, CabbageTech, Corp. (together, the...more

Akin Gump Strauss Hauer & Feld LLP

Federal Judge Adopts CFTC Position That Cryptocurrencies Are Commodities

• A New York federal judge held that virtual currencies are commodities within the meaning of the Commodity Exchange Act. • This marks the first court decision to assess and to adopt the CFTC’s position that virtual...more

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