Comment period concludes for Retail Commodity Transactions Involving Virtual Currency proposed interpretation

By Brad Rosen, J.D. The comment period for the CFTC’s proposed interpretation focusing on the actual delivery exception for retail virtual currency transactions came to an end on March 20, 2018. The CFTC received a total of 96 comments according to its website. Five comment letters came from industry and trade associations, seven from industry participants, two from public interest groups, one from a self-regulatory organization, while the overwhelming majority, 81 comments, were submitted by members of the general public. Proposed interpretation. The proposed interpretation, titled Retail Commodity Transactions Involving Virtual Currency, would formally require the actual delivery of a virtual currency to a retail client within 28 days of a purchase transaction in order to avoid CFTC registration requirements by persons selling and either financing or arranging financing of the virtual currency, as well as related regulatory oversight by the Commission. According to the…

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