Washington D.C. – The Commodity Futures Trading Commission (CFTC) released a comprehensive Digital Assets Primer on December 17, 2020, aiming to educate the public on the rapidly evolving landscape of digital assets. This primer, the second of its kind issued by the CFTC’s innovation office, LabCFTC, expands upon the agency’s 2017 report focusing specifically on virtual currencies like Bitcoin.
Unlike its predecessor, this latest publication broadens the scope to encompass not only virtual currencies, but also smart contracts and other digitized representations of value or ownership. Brian Trackman, LabCFTC Senior Counsel and lead author of the primer, emphasized the need to address the wider range of applications and features inherent in modern digital assets.
The CFTC acknowledges that digital assets intersect with multiple regulatory domains, including its own. The primer identifies key areas requiring further consideration, such as the governance of these assets and the appropriate role of regulatory bodies like the CFTC in overseeing their development and use. It doesn’t detail enforcement actions, but signals a proactive approach to understanding the space.
“Issuing primers is core to LabCFTC’s mission to inform policymakers and industry stakeholders on new technologies and innovations,” stated Melissa Netram, LabCFTC Director and Chief Innovation Officer. She highlighted the ongoing development within the digital asset space and the necessity for coordinated regulatory oversight.
LabCFTC’s stated mission is to serve as the CFTC’s central point for innovation, promoting responsible advancement among financial industry participants, stakeholders, and policymakers. The release of this primer represents a continued effort to foster understanding and navigate the complexities of this evolving market. Interested parties can find more information at cftc.gov/LabCFTC.
While not a criminal enforcement action, the primer serves as a clear indication of the CFTC’s increased scrutiny and focus on the digital asset market, suggesting potential future investigations and regulatory actions within this space.
Source: CFTC.gov
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