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.
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.