ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

BREAKING: CFTC Issues Request For Comment On 'Actual Delivery' Of Retail Commodity Transactions Of Virtual Currency



De Silva

On Friday, the CFTC proposed an interpretation for the term “actual delivery” set forth in the Commodity Exchange Act pursuant to the Dodd-Frank Act. The commission requested comment on its proposed interpretation and treatment of virtual currency transactions.

On December 15, 2017, the Commodity Futures Trading Commission announced a proposed interpretation regarding its authority over retail commodity transactions involving virtual currency (e.g., bitcoin). The proposed interpretation explains the commission's view on "the 'actual delivery' exception that may apply to virtual currency transactions." According to a release on the CFTC website, the proposed interpretation is open for public comment for 90 days from its publication in the Federal Register.

The CFTC's director for the division of market oversight, Amir Zaidi, commented on Twitter:

The commission first explains its purview:

"Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) provides the CFTC with direct oversight authority over 'retail commodity transactions' – defined as agreements, contracts or transactions in any commodity that are entered into with, or offered to retail market participants on a leveraged or margined basis, or financed by the offeror, the counterparty or a person acting in concert with the offeror or counterparty on a similar basis. Such a transaction is subject to the CEA 'as if' it were a commodity future. This statute contains an exception for contracts of sale that result in 'actual delivery' within 28 days from the date of the transaction."

Then, the commission explains its proposed interpretation of "actual delivery."

"The Proposed Interpretation establishes two primary factors necessary to demonstrate "actual delivery" of retail commodity transactions in virtual currency:
(1) a customer having the ability to: (i) take possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) use it freely in commerce (both within and away from any particular platform) no later than 28 days from the date of the transaction; and
(2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) not retaining any interest in or control over any of the commodity purchased on margin, leverage, or other financing arrangement at the expiration of 28 days from the date of the transaction."

ETHNews wished to make this vital information available to our readers as soon as possible. We will update this story with analysis shortly.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest CFTC, actual delivery or other Ethereum law and legislation news.