CFTC Employees Authorized to Trade Cryptocurrency

CFTC Employees Authorized to Trade Cryptocurrency

Regulation
February 28, 2018 by Bitzamp
402
The Commodity Futures Exchange Commission (CFTC) has formally authorized its staff to trade cryptocurrencies, but the US regulators has maintained its ban on Bitcoin futures participation. According to Bloomberg, the regulators together with the Securities and Exchange Commission (SEC), overseeing the legislation on assets and products nationwide, made the decision earlier this month. The CFTC
CFTC Employees Authorized to Trade Cryptocurrency

The Commodity Futures Exchange Commission (CFTC) has formally authorized its staff to trade cryptocurrencies, but the US regulators has maintained its ban on Bitcoin futures participation.

According to Bloomberg, the regulators together with the Securities and Exchange Commission (SEC), overseeing the legislation on assets and products nationwide, made the decision earlier this month.

The CFTC chief lawyer, Attorney General Daniel Davis,  had written a memo to the staff on February 5 that they could freely participate in cryptocurrency trade.

However, the CFTC clearly stated that investing in Bitcoin futures trading among employees would continue to be against the rules.

“In this environment, the situation is conducive to the public questioning the personal ethics of employees involved in cryptocurrency trading,” Davis writes. He continues:

“Keep in mind that you should strive to avoid any action that you believe is breaking the law or the government and commission ethical standards.”

The CFTC chairman, Christopher Giancarlo, have cautioned employees dealing in bitcoin to avoid involving themselves in matters pertaining cryptocurrencies “as it presents a conflict of interest,” according to Giancarlo’s spokesperson Erica Richardson, given in response to whether the CFTC traders could have a hand in shaping the ongoing regulatory policy.

 


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