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Crypto Policy & Regulation: What's Going On?

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CFTC Regulations and Regulations on Derivatives in the United States

Whether or not a DFI protocol constitutes an exchange as defined in the Securities Act or the Exchange Act is unclear. There are regulations, though, under the CFTCs regime that are, I think, broader and give the CFTC more authority to go after the economic reality of transactions. It's going to be up to Congress to step in and provide clarity, but thus far in the CFTC's actions in the space, they do appear to somewhat already have this idea of regulating apps and not protocols in mind,.

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