The CFTC launched a virtual currency resource website, designed to act as a central repository for CFTC-produced resources about virtual currency and to educate the public about these commodities, including the possible risks associated with investing or speculating in virtual currencies or recently launched Bitcoin futures and options. The website offers direct access to all the CFTC's resources related to virtual currencies, including its cryptocurrency primer, podcasts, fact sheets and a newly released customer advisory detailing the risks of purchasing virtual currencies in the cash market, in addition to those risks present in virtual currency futures and options. Separately, the CFTC issued a proposed interpretation on virtual currency in retail transactions, which sets out the CFTC's view regarding the "actual delivery" exception that may apply to virtual currency transactions. The proposed interpretation establishes two primary factors necessary to demonstrate "actual delivery" of retail commodity transactions in virtual currency:
- A customer having the ability to: (i) take possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) use it freely in commerce (both within and away from any particular platform) no later than 28 days from the date of the transaction; and
- The offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) not retaining any interest in or control over any of the commodity purchased on margin, leverage, or other financing arrangement at the expiration of 28 days from the date of the transaction.
The proposal is currently open for public comment.
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