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Blockchain and cryptocurrencies: a cross-border conundrum

Blockchain and cryptocurrencies: a cross-border conundrum To analyze the CFTC’s approach to regulating cryptocurrencies and blockchain technologies in light of their cross-border nature, limitations on the CFTC’s extraterritorial authority, and the CFTC’s prerogative to work cooperatively with foreign regulators.Design/methodology/approachDiscusses the principles set forth in CFTC Chairman Christopher Giancarlo’s White Paper regarding cross-border swap regulation; analyzes the similar nature of cross-border issues arising from regulation of cryptocurrencies and blockchain technologies; examines regulations and guidance implemented by foreign authorities in the blockchain and cryptocurrency space; and assesses the limitations of the CFTC’s extraterritorial authority.FindingsThe principles set forth in Chairman Giancarlo’s White Paper regarding cross-border swap regulation apply equally to blockchain technologies and cryptocurrencies, and as such, the CFTC may wish to pursue an analogous approach to regulating cryptocurrencies and blockchain technologies.Practical implicationsThe CFTC should exercise deference to and cooperate with foreign counterparts to regulate cryptocurrencies and blockchain technologies that traverse international borders, thereby avoiding overlapping and potentially conflicting regulation while fostering an innovative growth environment for emerging technologies.Originality/valueIn-depth analysis and insight from experienced professionals in the CFTC and cross-border investigations and enforcement space. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

Blockchain and cryptocurrencies: a cross-border conundrum

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Publisher
Emerald Publishing
Copyright
© Paul Hastings LLP.
ISSN
1528-5812
DOI
10.1108/joic-05-2019-0027
Publisher site
See Article on Publisher Site

Abstract

To analyze the CFTC’s approach to regulating cryptocurrencies and blockchain technologies in light of their cross-border nature, limitations on the CFTC’s extraterritorial authority, and the CFTC’s prerogative to work cooperatively with foreign regulators.Design/methodology/approachDiscusses the principles set forth in CFTC Chairman Christopher Giancarlo’s White Paper regarding cross-border swap regulation; analyzes the similar nature of cross-border issues arising from regulation of cryptocurrencies and blockchain technologies; examines regulations and guidance implemented by foreign authorities in the blockchain and cryptocurrency space; and assesses the limitations of the CFTC’s extraterritorial authority.FindingsThe principles set forth in Chairman Giancarlo’s White Paper regarding cross-border swap regulation apply equally to blockchain technologies and cryptocurrencies, and as such, the CFTC may wish to pursue an analogous approach to regulating cryptocurrencies and blockchain technologies.Practical implicationsThe CFTC should exercise deference to and cooperate with foreign counterparts to regulate cryptocurrencies and blockchain technologies that traverse international borders, thereby avoiding overlapping and potentially conflicting regulation while fostering an innovative growth environment for emerging technologies.Originality/valueIn-depth analysis and insight from experienced professionals in the CFTC and cross-border investigations and enforcement space.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: Oct 16, 2019

Keywords: Commodity Futures Trading Commission (CFTC); Blockchain; Cross-border; Cryptocurrency; Extraterritorial regulation; Commodity Exchange Act (CEA)

References