CFTC Stresses Exchange Role in Crypto Derivatives Guidance

While the CFTC staff advisory, issued on May 21, described virtual currencies as “unlike any commodity that the CFTC has dealt with in the past,” it largely shied away from committing the regulator to direct intervention.

Instead, in a series of bullet points, it provided guidance stating that exchanges listing contracts on these commodities should engage in a range of measures, stretching from enhanced surveillance of the spot exchanges where price formation occurs through to what it regards