Market Manipulation, Fraud, FTC discussed on Epicenter Bitcoin

Automatic TRANSCRIPT

House and with respect to crypto they're relevant because i think about two years ago now in two thousand fifteen or two thousand sixteen probably three years ago now two thousand fifteen they came out and said look bitcoin is a commodity for our purposes when it is the underlying asset in a financial derivative like a debt coin future or swap and they brought new brought an action against coin flip i think was the company for being an unregistered derivatives clearing organization and since then they've been looking at this space they've got a great educational group called lab cftc where they go and they direct people to learn more about the technology in some of the investor protection risks and they asked people to common teach them about technology in the kind of experiment with the lab and then they've got policing story and this is something a lot of people don't know they've actually got the authority to investigate police evidence of market manipulation or fraud at the spot market level and so the spot markets cryptocurrencies are the exchanges there things like wine base or or zappa and that means that the cfcc doesn't license or or force them to register with them they're not a supervisory authority instead the ftc can subpoena those exchanges for records if they think there's evidence of fraud manipulation and then police the mex ante or ex post rather after the fact for evanson fraud so so so challenging carlos talking about that jurisdiction it's a perfect compliment i think to sharon clayton's sec jurisdiction i think the sec where we're headed is the sec's going handle the issuance side of this when new tokens come into the world and they are just promises of efforts i e securities and the cftc will handle the tokens once they're actually based on open source software based on open blockchain working in the world.

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