Virtual Currencies as Commodities

In recent years, the U.S. Commodity Futures Trading Commission (CFTC or the Commission) has taken a role as one of the regulators of cryptocurrency in the United States. In this article, we review the CFTC’s regulatory and enforcement approach in this space.

In December 2014, the CFTC stated that virtual currencies are encompassed under the definition of a “commodity” in the Commodity Exchange Act (CEA), and thus subject to its jurisdiction.^[1] Nine months later, in September 2015, the CFTC brought its first enforcement action against an unregistered Bitcoin option trading platform.^[2] With its first action, the CFTC declared that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities.”^[3]

The advent of virtual currencies has presented new challenges for the CFTC. In the CFTC’s 2021 Budget, the Division of Enforcement summary stated, “substantial activity in the virtual currency markets take[s] place outside the United States and any fraudulent or manipulative conduct is likely to take place across markets on multiple exchanges, including largely unregulated cash exchanges.”^[4]

In a backgrounder issued in early 2018, the CFTC worked on explaining its oversight of and approach to virtual currencies.^[5] It stated that“[a]sserting legal authority over virtual currency derivatives in support of the CFTC’s anti-fraud and manipulation efforts, including in underlying spot markets, is a key component in the CFTC’s ability to effectively regulate these markets.”^[6]

In March 2018, CFTC v. McDonnell and CabbageTech Corp. d/b/a Coin Drop Markets confirmed the CFTC’s virtual currency jurisdiction. In entering a preliminary injunction order against Patrick McDonnell and his company CabbageTech Corp. for allegedly operating a deceptive and fraudulent virtual currency scheme, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York found that virtual currencies are commodities and are subject to CFTC jurisdiction under the CEA.^[7]

The defendants argued that the CFTC lacked authority to regulate cryptocurrency as a commodity or exercise its jurisdiction over fraud that does not directly involve the sale of futures or derivative contracts.^[8] Judge Weinstein ruled that, since virtual currencies were “goods” exchanged in a market for a uniform quality and value, they fell within the common definition of “commodity” under the CFTC’s jurisdiction.^[9]

In October 2018, a Massachusetts district court in CFTC v.My Big Coin Pay Inc. confirmed the CFTC’s authority to regulate virtual currencies as a “commodity” under the CEA, even when there were no futures contracts over the relevant virtual currency.^[10]

^{Regulatory Approach}

Despite three chairpersons having passed the baton since the CFTC’s initial involvement in the cryptocurrency space, the Commission has continued to encourage innovation.^[11]

In his 2014 testimony before the U.S. Senate Committee on Agriculture, Nutrition and Forestry, then-CFTC Chairman Timothy Massad affirmed that “[i]nnovation is a vital part of our markets, and it is something that our regulatory framework is designed to encourage.”^[12] In 2016, then-Commissioner Christopher Giancarlo expressed his admiration for blockchain technology and the distributed ledger technology (DLT) that has the potential to “revolutionize the world of finance.”^[13] To avoid impeding innovation, he encouraged other regulators to take a “do no harm” approach.^[14]

Once he took the reins of the CFTC in 2017, Mr. Giancarlo affirmed a continued commitment in facilitating market-enhancing innovation. Mr. Giancarlo, at the time the Acting Chairman, announced the launch of LabCFTC,^[15] an internal FinTech lab intended to make the CFTC accessible to innovators, while enhancing the CFTC’s understanding of new technologies for upcoming policy initiatives in the space.^[16]

Consistent with the “do no harm” regulatory approach of his predecessor,^[17] current CFTC Chairman Heath Tarbert has recently declared the importance of U.S. leadership in development of digital assets because “whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world.”^[18] Mr. Tarbert called for a principles-based approach that would allow the market to develop “under sound regulation but with market participants, not the regulator.”^[19]

Enforcement 

The CFTC has taken the position to apply “robust enforcement” to “prosecute fraud, abuse, manipulation, or false solicitation in markets for virtual currency derivatives and underlying spot trading.”^[20]

As documented in our prior publication, “Trends in CFTC Virtual Currency Enforcement Actions—2015Q2 2020,” the CFTC has brought nineteen enforcement actions from 2015 to the end of June 2020,^[21] with an uptick in 2018 after its Division of Enforcement formed a specialized Virtual Currency Task Force. More recently, the CFTC has brought three more additional enforcement actions.^[22] In general, the enforcement actions have mostly fallen into one or more of the five categories of allegations below:

• Fraudulent schemes involving virtual currencies allegedly marketed to retail customers, such as Bitcoin Ponzi schemes.^[23]
• Failure to register with the CFTC as a Swap Execution Facility (SEF), Futures Commission Merchant (FCM), Commodity Pool Operator (CPO), or Commodity Trading Advisor (CTA), for example, in the case of a domestic platform or facility allegedly trading virtual currency futures, option contracts, or swaps.^[24]
• Illegal off-exchange transactions, such as off-exchange financed commodity transactions with persons who allegedly failed to register with the CFTC.^[25]
• Price manipulation of a virtual currency allegedly traded in interstate commerce, or pre-arranged wash trading in an exchange-traded virtual currency swap or futures contract.^[26]
• Gatekeepers’ violations such as alleged failures to implement know-your-customer and customer-identification programs (KYC/CIP).

In addition to enforcement matters, media outlets report that the CFTC issued subpoenas to Bitfinex and Tether in December 2017,^[27] and to Bitstamp, Coinbase, itBit, and Kraken in June 2018,^[28] as part of a market manipulation probe.

Government-Wide  Coordination 

The CFTC has reportedly coordinated with regulators both within the United States, including the Securities and Exchange Commission (SEC), Federal Bureau of Investigation (FBI), Department of Justice, and Financial Stability Oversight Council (FSOC), and internationally with the Financial Stability Board. The CFTC also reportedly coordinated with state entities, including state attorneys general, in addition to working with the White House, Congress, and other policymakers.^[29]

On January 24, 2018, SEC Chairman Jay Clayton and then-CFTC Chairman Giancarlo jointly authored an article in the Wall Street Journal, stating that “[t]he CFTC and SEC, along with other federal and state regulators and criminal authorities, will continue to work together to bring transparency and integrity to these [cryptocurrency] markets and, importantly, to deter and prosecute fraud and abuse.”^[30] This statement of coordination in virtual currency enforcement actions echoed the statement issued a week earlier by the SEC and CFTC Enforcement Directors.^[31]

More recently, on October 11, 2019, the leaders of the CFTC, Financial Crimes Enforcement Network (FinCEN), and the SEC issued a joint statement to remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT) obligations under the Bank Secrecy Act (BSA).^[32]

Recent and Future Developments 

The Director of the SEC Division of Corporation Finance, William Hinman, stated in a speech in June 2018 that Ether is not a security and likened it to Bitcoin.^[33] This statement on Ether had implications for the CFTC, which had not yet taken an official position on Ether at that time.

Speaking at the Yahoo Finance All Markets Summit in October 2019, CFTC Chairman Tarbert declared that Ether is a commodity: “We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether – until now. . . . It is my view as chairman of the CFTC that ether is a commodity.”^[34] He also suggested that the CFTC may allow Ether futures to trade on U.S. markets.^[35]

In preparation for future interest in derivatives on Ether, the LabCFTC issued a request for input (RFI) in December 2018, requesting public feedback on the underlying technology, opportunities, risks, mechanics, use cases, and markets related to Ether and the Ethereum network. The RFI also sought to understand similarities and distinctions between Ether
and Bitcoin.^[36] In May 2020, ErisX, a cryptocurrency derivatives platform, announced the launch of the first futures contract on Ether.^[37]

Moreover, another important issue that may require the CFTC’s attention and coordination with other agencies in the future is the potential mechanics of “morphing” from security to utility token. Introduced as a possibility by Mr. Hinman of the SEC in his June 2018 speech, the issue may require additional coordination between the CFTC and SEC.^[38]

Finally, Congress is considering bills intended to resolve some regulatory uncertainty in the cryptocurrency space. For example, the CFTC Reauthorization Act of 2019 for the first time makes explicit reference to digital commodities.^[39] If passed in Congress, the bill will give the CFTC the mandate to adopt rules detailing the content and availability of trade and trader data that boards of trade and swap execution facilities must be able to access from a cash market in a digital commodity in order to meet their respective obligations to prevent disruption of their markets.^[40] A recent bill, the Crypto-Currency Act of 2020, creates new definitions for three categories of crypto-assets—“crypto-commodity,” “crypto-currency,” and “crypto-security”—and assigns jurisdiction over them to the CFTC, FinCEN, and the SEC, respectively.^[41]

Appendix A: Relevant CFTC Press Releases Related to Virtual Currencies 

Endnotes

_{[1] “Testimony of CFTC Chairman Timothy Massad before the U.S. Senate Committee on Agriculture, Nutrition & Forestry,” CFTC, December 10, 2014, http://www.cftc.gov/PressRoom/SpeechesTestimony/opamassad-6. See also “CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets,” CFTC, January 4, 2018, https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/backgrounder_virtualcurrency01.pdf.}

_{[2]    “CFTC Orders Bitcoin Options Trading Platform Operator and Its CEO to Cease Illegally Offering Bitcoin Options and to Cease Operating a Facility for Trading or Processing of Swaps without Registering,” CFTC, September 17, 2015, https://www.cftc.gov/PressRoom/PressReleases/7231-15, stating that “Bitcoin and other virtual are properly defined as commodities.”}

_{[3]    Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions, In the Matter of Coinflip, Inc. d/b/a Derivabit, and Francisco Riordan, September 17, 2015, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf}

_{[4]    “President’s Budget: FY 2021,” CFTC, February 2020, https://cftc.gov/sites/default/files/2020-02/Final_Budget_2021PB_w_Cover2.pdf.}

_{[5]“CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets,” CFTC, January 4, 2018, https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/backgrounder_virtualcurrency01.pdf.}

_{[6] “CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets,” CFTC, January 4, 2018, https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/backgrounder_virtualcurrency01.pdf.}

_{[7]    “Federal Court in New York Enters Preliminary Injunction Order against Patrick K. McDonnell and His Company CabbageTech, Corp. d/b/a Coin Drop Markets in Connection with Fraudulent Virtual Currency Scheme,” CFTC, March 6, 2018, https://www.cftc.gov/PressRoom/PressReleases/pr7702-18. See Memorandum & Order, CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d/b/a Coin Drop Markets, March 6, 2018, ¶ 24, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoindroporder030618.pdf.}

_{[8]  See Memorandum & Order, CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d/b/a Coin Drop Markets, March 6, 2018, p. 3, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoindroporder030618.pdf.}

_{[9]  Memorandum & Order, CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d/b/a Coin Drop Markets, March 6, 2018, p. 3, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoindroporder030618.pdf. Judge Weinstein also stated that the jurisdictional authority of the CFTC does not prevent other agencies from exercising their regulatory power when appropriate. He acknowledged that no one agency is granted full regulatory authority over virtual currency spot market transactions. Thus, the decision should not be viewed as increasing the CFTC’s authority or the beginning of more aggressive enforcement, but merely as an affirmation of the same contours to the CFTC’s jurisdiction that it has previously asserted its authority over.}

_{[10]   “Federal Court Finds That Virtual Currencies Are Commodities,” CFTC, October 3, 2018, https://www.cftc.gov/PressRoom/PressReleases/7820-18. See also Nicholas J. Wendland, “Another Court Rules Virtual Currencies are Commodities Subject to CFTC,” National Law Review, October 9, 2018, https://www.natlawreview.com/article/another-court-rules-virtual-currencies-are-commodities-subject-to-cftc-oversight.}

_{[11]   “Former Commissioners,” CFTC, https://www.cftc.gov/About/Commissioners/FormerCommissioners/index.htm.}

_{[12]   “Innovation is a vital part of our markets, and it is something that our regulatory framework is designed to encourage. At the same time, our regulatory framework is intended to prevent manipulation and fraud, and to make sure our markets operate with transparency and integrity.” “Testimony of CFTC Chairman Timothy Massad before the U.S. Senate Committee on Agriculture, Nutrition & Forestry,” CFTC, December 10, 2014, http://www.cftc.gov/PressRoom/SpeechesTestimony/opamassad-6.}

_{[13]   “Special Address of CFTC Commissioner J. Christopher Giancarlo before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium,” CFTC, March 29, 2016, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-13. See also “Keynote Address of Commissioner J. Christopher Giancarlo before the Markit Group, 2016 Annual Customer Conference New York,” CFTC, May 10, 2016, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-15.}

_{[14]   “Special Address of CFTC Commissioner J. Christopher Giancarlo before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium,” CFTC, March 29, 2016, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-13. See also “Keynote Address of Commissioner J. Christopher Giancarlo before the Markit Group, 2016 Annual Customer Conference New York,” CFTC, May 10, 2016, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-15.}

_{[15]   “CFTC Launches LabCFTC as Major FinTech Initiative,” CFTC, May 17, 2017, https://www.cftc.gov/PressRoom/PressReleases/7558-17.}

_{[16]   Since its inception, LabCFTC has served as a focal point of the CFTC’s efforts to engage with the FinTech community and other regulatory authorities to facilitate innovation. It also promoted education on emerging technologies by publishing primers on virtual currencies, smart contacts, and artificial intelligence in financial markets. See “LabCFTC,” CFTC, https://www.cftc.gov/LabCFTC/index.htm.}

_{[17]   “Special Address of CFTC Commissioner J. Christopher Giancarlo before the Depository Trust & Clearing Corporation 2016 Blockchain Symposium,” CFTC, March 29, 2016, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo-13.}

_{[18]   “I want the United States to lead, particularly in the blockchain technology that underlies digital assets. …[U]ltimately I could see it overtaking the internet or being effectively parallel to the internet in using a variety of different kinds of transactions, not just the financial system, but in other types of transactions as well.… I think whoever ends up leading in this technology will end up writing the rules of the road for the rest of the world. My emphasis is on making sure that the United States is a leader.” “Chairman Tarbert Discusses U.S. Leadership in Digital Assets on CNBC,” CFTC, November 20, 2019, https://www.cftc.gov/PressRoom/PressReleases/8082-19. See also Philip Rosenstein, “’America Needs to Lead’ on Crypto, CFTC Chairman Says,” Law360, November 12, 2019, https://www.law360.com/articles/1219189/-america-needs-to-lead-on-crypto-cftc-chairman-says.}

_{[19]   “ICYMI: Fintech Regulation Needs More Principles, Not More Rules—Op-ed by Chairman Tarbert Featured in Fortune,” CFTC, November 19, 2019, https://www.cftc.gov/PressRoom/PressReleases/8081-19.}

_{[20]   “CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets,” CFTC, January 4, 2018, p. 2, https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/backgrounder_virtualcurrency01.pdf.}

_{[21]   “Trends in CFTC Virtual Currency Enforcement Actions—2015Q2 2020,” Cornerstone Research,  https://www.cornerstone.com/Publications/Reports/Trends-in-CFTC-Virtual-Currency-Enforcement-Actions-2015-Q2-2020. .}

_{[22]   Recently, the CFTC has brought charges against two firms offering digital asset-based swaps for illegal off-exchange trading and registration violations; a foreign trading platform for offering illegal leveraged transactions in Ether, Litecoin, and Bitcoin; and BitMEX owners for illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations. See In the Matter of Plutus Financial, Inc. (d/b/a Abra) and Plutus Technologies Philippines Corp. (d/b/a Abra International), July 13, 2020, https://www.cftc.gov/media/4191/enfplutosfinancialorder071320/download; Complaint, CFTC v. Laino Group Limited d/b/a Paxforex, September 24, 2020, https://www.cftc.gov/media/4796/enflainocomplaint092420/download; and Complaint, CFTC v. HDR Global Trading Limited et al., October 1, 2020, https://www.cftc.gov/media/4886/enfhdrglobaltradingcomplaint100120/download.}

_{[23]   For example, Complaint for Injunctive and Other Equitable Relief and for Civil Monetary Penalties under the Commodity Exchange Act and Commission Regulations, CFTC v. Nicholas Gelfman and Gelfman Blueprint, Inc., September 21, 2017, http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfgelfmancomplaint09212017.pdf.}

_{[24] For example, Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings and Imposing Remedial Sanctions, In the Matter of Coinflip, Inc., d/b/a Derivabit, and Francisco Riordan, September 17, 2015, https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfcoinfliprorder09172015.pdf. A Swap Execution Facility (SEF) is a trading system or platform created by the Dodd-Frank Act in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce. The Dodd-Frank Act imposed different statutory provisions on SEFs than on designated contract markets. Futures Commission Merchants (FCMs) are individuals, associations, partnerships, corporations, and trusts that solicit or accept orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any exchange and that accept payment from or extend credit to those whose orders are accepted. A Commodity Pool Operator (CPO) is a person engaged in a business similar to an investment trust or a syndicate and who solicits or accepts funds, securities, or property for the purpose of trading commodity futures contracts or commodity options. The CPO either makes trading decisions on behalf of the pool or engages a Commodity Trading Advisor (CTA) to do so. Managers at hedge funds or their advisors are often registered with the CFTC as CPOs or CTAs. See “Futures Glossary,” CFTC, https://www.cftc.gov/ConsumerProtection/EducationCenter/CFTCGlossary/index.htm. See also “Written Testimony of Chairman J. Christopher Giancarlo before the Senate Banking Committee,” February 6, 2018, https://www.cftc.gov/PressRoom/SpeechesTestimony/opagiancarlo37.}

_{[25]   For example, Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of The Commodity Exchange Act, as Amended, Making Findings and Imposing Remedial Sanctions, In the Matter of: BXFNA Inc. d/b/a Bitfinex, June 2, 2016, http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfbfxnaorder060216.pdf.}

_{[26]   For example, Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act Making Findings and Imposing Remedial Sanctions, In the Matter of: TeraExchange LLC, September 24, 2015, http://www.cftc.gov/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfteraexchangeorder92415.pdf.}

_{[27]   Matthew Leising, “U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether,” Bloomberg, January 30, 2018, https://www.bloomberg.com/news/articles/2018-01-30/crypto-exchange-bitfinex-tether-said-to-get-subpoenaed-by-cftc.}

_{[28]   Gabriel Rubin et al., “U.S. Regulator Demands Trading Data from Bitcoin Exchanges in Manipulation Probe,” Wall Street Journal, June 8, 2018, https://www.wsj.com/articles/u-s-regulators-demand-trading-data-from-bitcoin-exchanges-in-manipulation-probe-1528492835.}

_{[29]   “CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets,” CFTC, January 4, 2018, https://www.cftc.gov/sites/default/files/idc/groups/public/@newsroom/documents/file/backgrounder_virtualcurrency01.pdf.}

_{[30]   “Statement by SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo: Regulators Are Looking at Cryptocurrency,” SEC, January 25, 2018, https://www.sec.gov/news/public-statement/statement-clayton-giancarlo-012518.}

_{[31]   “Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions—SEC Co-Enforcement Directors Stephanie Avakian and Steven Peikin and CFTC Enforcement Director James McDonald,” SEC, January 19, 2018, https://www.sec.gov/news/public-statement/joint-statement-sec-and-cftc-enforcement-directors.}

_{[32] “Leaders of CFTC, FinCEN, and SEC Issue Joint Statement on Activities Involving Digital Assets,” CFTC, October 11, 2019, https://www.cftc.gov/PressRoom/SpeechesTestimony/cftcfincensecjointstatement101119.}

_{[33]   William Hinman, “Digital Asset Transactions: When Howey Met Gary (Plastic) – Remarks at the Yahoo Finance All Markets Summit: Crypto,” SEC, June 14, 2018, https://www.sec.gov/news/speech/speech-hinman-061418, stating “putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions. And, as with Bitcoin, applying the disclosure regime of the federal securities laws to current transactions in Ether would seem to add little value. Over time, there may be other sufficiently decentralized networks and systems where regulating the tokens or coins that function on them as securities may not be required.”}

_{[34]   “CFTC Says Cryptocurrency Ether Is a Commodity, and Ether Futures Are Next,” Yahoo Finance, October 10, 2019, https://ca.finance.yahoo.com/news/cftc-says-cryptocurrency-ether-is-a-commodity-and-is-open-to-ether-derivatives-133455545.html.}

_{[35]   William Foxley, “CFTC Chairman Confirms Ether Cryptocurrency Is a Commodity,” Coindesk, October 10, 2019, https://www.coindesk.com/cftc-chairman-confirms-ether-cryptocurrency-is-a-commodity.}

_{[36]   “CFTC Seeks Public Comments on Crypto-Asset Mechanics and Markets,” CFTC, December 11, 2018, https://www.cftc.gov/PressRoom/PressReleases/7855-18.}

_{[37]   “ErisX Pioneers First U.S. Based Ether Futures Contract,” ErisX Insight, May 11, 2020, https://medium.com/@erisxinsights/erisx-pioneers-first-u-s-based-ether-futures-contract-9d9e0830212f.}

_{[38]   Sara Hanks, “The Morphing of Securities Tokens,” CrowdCheck Blog, June 15, 2018, https://www.crowdcheck.com/blog/morphing-securities-tokens.}

_{[39]   “H.R.4895 - CFTC Reauthorization Act of 2019,” U.S. Congress, https://www.congress.gov/bill/116th-congress/house-bill/4895/text#toc-H3E399FC18B4E4159944E1F5D64ADB29C.}

_{[40]   Jason Brett, “Congress Offers a Regulatory 2.0 Upgrade to CFTC for Digital Commodities,” Forbes, December 11, 2019, https://www.forbes.com/sites/jasonbrett/2019/12/11/congress-offers-a-regulatory-20-upgrade-to-cftc-for-digital-commodities/#cf4e32e1accb.}

_{[41]   Jason Brett, “Congress Considers Federal Crypto Regulators in New Cryptocurrency Act of 2020,” Forbes, December 19, 2019, https://www.forbes.com/sites/jasonbrett/2019/12/19/congress-considers-federal-crypto-regulators-in-new-cryptocurrency-act-of-2020/#176740c85fcd.}