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Gary DeWaal Comments on Second Federal Court Ruling That Cryptocurrencies Are Commodities With CFTC Oversight

Firm News | October 1, 2018

Bloomberg spoke with Financial Services Special Counsel Gary DeWaal on a ruling by the US District Court for the District of Massachusetts that cryptocurrencies meet the definition of a commodity, denying a motion to dismiss that questioned the Commodity Futures Trading Commission's (CFTC) authority. Acknowledging that the decision was procedural, Gary stated, "It's another embrace of the CFTC's fundamental position that cryptocurrencies are commodities and that its anti-fraud authority granted under Dodd-Frank [Wall Street Reform and Consumer Protection Act] is wide and deep." ("Federal Judge Upholds CFTC Crypto Enforcement Authority (1)," September 26, 2018)

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