A second topic, derivative of the first, is looking at how regulation will evolve in the U.S. to the extent that a token falls outside of the securities laws. Platforms that facilitate the trade of digital commodities are currently subject to a patchwork of state regulation that largely treats the exchange of virtual currencies as money transmission (although some states, such as New York, have tailored specific crypto-regimes). With the exception of FinCEN registration, there is no coherent federal framework that provides oversight of a digital commodity exchange (also known as the cash, spot, or underlying market). While the CFTC may have backward-looking fraud and manipulation enforcement jurisdiction, this is not a federal framework to oversee spot digital commodity trading as with securities, or futures and derivatives markets.
Bitcoin Has Got Society to Think About the Nature of Money
This article was originally published by Coindesk.com. Read the original article here.