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<p><span>CFTC Commissioner Caroline D. Pham announced today that Meghan Tente will serve as Chief of Staff and Gates S. Hurand will serve as Senior Counsel. In addition, Lily Chu will serve as interim Senior Counsel. Commissioner Pham will make additional leadership staff announcements in the coming weeks.</span></p>
To embed, copy and paste the code into your website or blog: FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme. Taxpayers that have $10,000 or more in a foreign bank account have long been required to file a foreign bank account report (or “FBAR”) on FinCEN Form 114. The penalties for failing to report foreign bank accounts are significant: $10,000 for a non-willful failure and the greater of $100,000 and up to 50 percent of the unreported account balance for willful failures. While the rules requiring the reporting are...
Monday, December 21, 2020 Executive Summary As one of the regulators engaged in the cryptocurrency space, the U.S. Commodity Futures Trading Commission (CFTC) has been bringing enforcement actions against virtual currency market participants, including traders, issuers, exchanges, and service providers. From January 1, 2015, to June 30, 2020, the CFTC brought 19 such actions. Of the 19 actions between 2015 and Q2 2020, 14 were litigated in U.S. district courts. The other five were resolved within the CFTC as orders and simultaneous settlements. The majority of actions involved an al...
Monday, December 21, 2020 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 enforcem...