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CFTC Allows it Employees to Trade Cryptocurrency, But Continues Ban on Bitcoin Futures

March 01, 2018 18:48
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The US Commodity Futures Trading Commission (CFTC) has given consent to allow its employees to trade in cryptocurrencies but at the same time, it has its ban on Bitcoin futures participation, Bloomberg has first reported the development on Feb 28.

The regulator along with SEC, that overlooks the regulatory aspects of assets and commodity legislation nationally, has said that it has made the decision earlier in the month. The CFTC chief lawyer, general counsel Daniel Davis, first wrote the memo to staff on Feb. 5th in the response to many queries on engaging in trading of cryptocurrencies. However, the Bitcoin futures which received approval in December would continue to be against the rule. The memo states:

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“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 endeavour to avoid any actions creating the appearance that you are violating the law or government and commission ethical standards.”

CFTC chairman J. Christopher Giancarlo was joined by SEC chairman on Feb. 6th to discuss policy matters on cryptocurrencies, during which the regulators continued it hands-off policy and rather focusing on investor awareness and consumer fraud protection.

Giancarlo’s spokesperson Erica Richardson spoke on the issues of allowing its employees to trade cryptocurrency said:

“The chairman has made it clear that staff members who own Bitcoin should not participate in matters related to Bitcoin, as it presents a conflict of interest.”

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