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Back to Drawing Board for CFTC Cryptocurrency Guidance?

May 11, 2018, Bloomberg Law

Jason Grimes is quoted in a Bloomberg Law article regarding the CFTC’s approach to cryptocurrency regulation following a federal judge’s decision to dismiss an enforcement action against Monex. According to Grimes, “This requirement [which requires a dealer not to retain an interest in a virtual currency to gain the actual delivery exemption] would appear inconsistent with the Court’s decision in Monex, in which the Court held that the fact that Monex continued to have a security interest in the metals purchased on margin did not negate the ‘actual delivery’ that was made to customers.” The inconsistency may cause the CFTC to revisit that requirement before issuing its final guidance, Grimes says. However, “it is unclear whether the CFTC will take the decision into consideration given the guidance may come out soon.”

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