Pryor Cashman’s Michael Campoli Authors Law360 Article “Watch For More CFTC Regulation of Virtual Currencies”
Counsel Michael T. Campoli, a member of Pryor Cashman’s Corporate and Investment Management Groups, has authored the article “Watch for More CFTC Regulation of Virtual Currencies.” The article appeared in Law360 on October 23, 2015.
In the article, Campoli discusses how the Commodity Futures Trading Commission’s (CFTC) recent settlement with TeraExchange LLC, a provisionally registered Bitcoin swap execution facility, over prearranged Bitcoin swaps that were designed to cancel each other out and achieve a “wash” result, further signals that the CFTC will be actively involved in regulating virtual currencies. The CFTC’s order regarding TeraExchange LLC came just one week after the CFTC presented for the first time (in an order regarding Coinflip Inc.) its conclusion that Bitcoin and other virtual currencies fall within the CFTC’s broad definition of “commodities”.
An abbreviated version of the article first appeared on FinTech Monitor, a blog on Pryor Cashman’s website which regularly provides legal commentary and resources for the rapidly-developing financial technology industry. Pryor Cashman's team of FinTech attorneys offer insight and commentary on complex legal issues facing the industry as the issues break. The blog contains updates on everything from regulatory developments to enforcement actions, and from virtual currency to mobile banking.
To read the full article “Watch for More CFTC Regulation of Virtual Currencies,” please click here.
