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7 Harv. Bus. L. Rev. Online 1 (2016-2017)

handle is hein.journals/hblro7 and id is 1 raw text is: BITCOIN AND VIRTUAL CURRENCIES: WELCOME TO YOUR REGULATOR Matthew Kluchenek I. Introduction Among all the U.S. regulators interested in regulating Bitcoin and virtual currencies, the Commodity Futures Trading Commission (CFTC) is determined to be at the forefront. Since the announcement by CFTC Chairman Timothy Massad in late 2014 that Bitcoin derivatives should fall within the scope of the CFTC's jurisdiction,1 the CFTC has been aggressive in addressing not only wrongful conduct involving Bitcoin derivatives, but also wrongful conduct involving certain spot Bitcoin transactions. The CFTC's actions are a clarion call for market participants to understand the broad breadth of the CFTC's jurisdiction, and to take notice of the requirements that may apply both to derivatives and to certain physical transactions involving Bitcoin and other virtual currencies. II. Scope of CFTC's Jurisdiction The U.S. Commodity Exchange Act (CEA),2 as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act),3 regulates transactions Partner, Global Head of Derivatives, Baker & McKenzie LLP. 1 The Commodity Futures Trading Commission: Effective Enforcement and the Future of Derivatives Regulation Before the S. Comm. on Agric., Nutrition, and Forestry, 11 th Cong. 55 (2014) (statement of Timothy Massad, Chairman of the Commodity Futures Trading Commission). 2 Commodity Exchange Act of 1936, Pub. L. No. 74-675, 49 Stat. 1491 (codified as amended in scattered sections of 7 U.S.C.) (replacing the Grain Futures Act of 1922). 3 See generally Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010).

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