CFTC equated tokens to exchange products

The Commodity Futures Trading Commission released the first part of a series of explanatory materials related to ICO tokens
18 October 2017   994

LabCFTC, fintech-initiative of The Commodity Futures Trading Commission (CFTC), published the first part of a series of explanatory materials, which describes the basics of blockchain technology and some scenarios for its application. This is written by CoinDesk.

In the 20-page document, a special attention was drawn to the section emphasizing that since 2015 the CFTC has maintained an unchanged position relative to bitcoin and other crypto-currencies, classifying them as exchange products.

Separately, the CFTC notes that there is no discrepancy in the position of the SEC on crypto-currencies.

The CFTC looks beyond form and considers the actual substance and purpose of an activity when applying the federal commodities laws and CFTC regulations. Conduct extensive research before giving any money or personal information to a virtual currency platform.
 

CFTC report

Each project will be considered individually, and all facts and circumstances will be taken into account when deciding, says the CFTC.

In addition, the CFTC recalls the need to conduct a thorough study of crypto-exchange platforms before trusting their own funds or personal information.

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Bittrex to List LOOM

LOOM is the token of the American startup Loom Network, which launches decentralized applications
18 July 2018   196

Popular cryptocurrency exchange Bittrex listed Loom Network token LOOM. 

As the team of the exchange said, trading with the crypto currency will begin in the near future. On the background of this news, LOOM showed a price jump fo 14%.

LOOM Price Chart
LOOM Price Chart

LOOM is the token of the American startup Loom Network, which is launching decentralized applications.

In January, Bittrex tightened the criteria for listing new tokens. Now, developers need to provide technical information about the token itself, as well as the data of at least one team member. At the moment, the exchange has 290 digital coins.