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   1285

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.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   95

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.