The Perennial Tug of War Between the US SEC and CFTC – Are Crypto Assets “Securities” or “Commodities”?

Colleagues, the fraudulent representation or claim of a “security” or “commodity” in the US can be tired as a federal or a state level crime. Nevertheless, fraud is fraud. So ruled a district judge regarding the cryptocurrency My Big Coin Pay scam. Co-defendants Mark Gillespie and Randall Crater are alleged to have use investments – categorized as commodities - in My Big Coin Pay for personal use and gain. Sovereign nations, their governments and court systems around the world are struggling to regulate digital assets. One of the foremost dilemmas is whether cryptocurrencies are securities or commodities. To outsiders the distinction may appear meaningless, however, to government regulators and the exchanges upon which these assets are traded the difference in critical. In the US, the issue will ultimately depend upon the decisions of the judicial system along with the US SEC and the Commodities Futures Trading Commission (CFTC). Although the issue of My Big Coin Pay may be decided for now, the much larger issue will likely not be resolved at the federal level for another 2-3 years. Share a comment today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)