Headline: CFTC Gives Green Light for Employees to Trade Cryptocurrencies

Good news, bad news?  Who knows.  If anything, it does indicate consent, if not just comfort with cryptos.

I’ll let you be the judge.

Be well, Everyone.

CFTC Gives Green Light for Employees to Trade Cryptocurrencies

The U.S. Commodity Futures Trading Commission (CFTC) has given its employees the green light to invest in cryptocurrencies, according to a report.

Bloomberg reports today that the CFTC’s general counsel, Daniel Davis, gave the go-ahead in a memo earlier this month, apparently in response to “numerous inquiries” from employees about whether they could do so.

While members of the agency can now invest in cryptocurrencies, they are still prohibited from crypto futures or margin trading, and from using insider information gleaned through their jobs, the news source says.

A spokesperson for CFTC chair J. Christopher Giancarlo also told the news organization that employees cannot investigate or participate in regulatory actions involving cryptocurrencies they own due to the “conflict of interest.”

Cryptocurrencies are to be traded like any other commodity, according to Bloomberg. Davis’ memo also emphasizes the need for employees to act ethically, stating:

“In this environment, the situation is ripe for the public to question the personal ethics of employees engaging in cryptocurrency transactions. Please keep in mind that you must endeavor to avoid any actions creating the appearance that you are violating the law or government and commission ethical standards.”

However, some legal experts are questioning the decision, Bloomberg notes. Angela Walch, an associate law professor with a specialization in digital money and financial stability at St. Mary’s University, called the decision “mind-boggling,” saying the decision “could absolutely skew their regulatory decisions.”

Similarly, Richard Painter, a securities lawyer and former White House ethics lawyer, said cryptocurrencies are functionally more similar to futures than commodities. The CFTC should not be allowing its employees to invest in them, he said, arguing the move “just looks terrible.”

Still, a law professor at Washington University, Kathleen Clark, said the move makes sense. Because cryptocurrencies are currently classified as commodities, current “ethics standards seem to be general enough to cover it.”


Follow Tiny Crypto Blog on blockchain blogging platform Steemit 

Follow Tiny Crypto Blog on Twitter @tinycryptoblog

Follow Tiny Crypto Blog on YouTube

And yes, I’m on Facebook

Looking to start purchasing cryptos? Open an account at Coinbase, and you’ll receive $10 in free bitcoin. Link HERE

Are you new to cryptos and want an easy way to mine them?  I recommend Minergate as a good way to start out.  More Info Here

Need a good, basic crypto wallet? Download the Exodus wallet

Earn free cryptos using crypto faucets **Yes, I like crypto faucets! =) **

Moon bitcoin faucet: earn and mine free Bitcoin. More Info Here
Moon litecoin faucet: earn and mine free Litecoin. More Info Here
Moon dogecoin faucet: earn and mine free Dogecoin.  More Info Here

Moon dash faucet: earn and mine free Dash. More Info Here
Bonus Bitcoin: earn between 50-150 bitcoin satoshis every 15 minutes. More Info Here

Categories: Commentary and Opinions, Uncategorized


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: