Crypto Anti-terrorism Bill Introduced in the U.S. House of Representatives

Representative Ted Budd (R-NC) has enacted a new law to create an agency to combat the use of cryptocurrencies in terrorism. The bill, H.R. 296, is co-sponsored by Representatives Warren Davidson (R-OH), Stephen Lynch (D-MA), Byron Donalds (R-FL), and Darren Soto (D-FL) and was introduced into jurisdictions following the establishment of the working group. The bill also seeks to provide rewards for information leading to convictions related to digital currency earthquakes. It will establish Fintech's leadership in innovation and financial…

The Role of Commodity Futures Trading Commission (CFTC) in Regulating Cryptocurrency

The Commodity Futures Trading Commission (CFTC) is a US-based agency established by the Commodity Futures Trading Commission Act of 1974 for regulating the commodity futures and derivatives markets, including option markets, futures, and Swaps.  The commission's main goal is to promote futures markets' competitiveness and efficiency while protecting traders against unscrupulous activities, fraud, and abusive trade practices.  CFTC has five committees; Agriculture, Global markets, Technology, Energy & environmental markets, Coordination between the CFTC and SEC, each headed by a commissioner.…

Understanding SEC’s Classification of Crypto-assets: Securities or Commodities?

Cryptocurrency growth in the last decade has taken the technological world by storm, and with this growth came a lot of questions and concerns. The classification of cryptocurrency is, primarily, a chief concern. The subject is one that courts, government agencies, and even financial markets struggle to grasp.  The primary debate begs an answer to an essential question: are they securities, or are they commodities?  Cryptocurrency traverses local, national, regional, and international boundaries. Hence the need for classification is both…