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CFTC’s Proposed Interpretation of “Actual Delivery” for Virtual Currencies and its Potential Consequences to the Industry
23 February 2018
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On December 15, 2017, the CFTC issued its proposed interpretation of the “actual delivery” exception for retail commodity transactions on virtual currencies.
The proposed interpretation requires that “actual delivery” is achieved when the purchaser of a virtual currency obtains title and possession of the virtual currency within 28 days of purchase, and neither the an offeror or a seller of the currency can retain any interest or control.
We believe that these new requirements run the risk of unintentionally stunting the advancements of the virtual currency industry and encourage the CFTC to implement a regulatory sandbox to deal with the challenge of applying current regulation to virtual currencies.
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