Crypto assets generally fall into three categories—currencies, commodities, or securities—each with distinct legal implications. The SEC classifies many s as securities, while the CFTC oversees Bitcoin, Ether, and other crypto commodities, including derivatives markets, creating a jurisdictional divide.
Title VII of the Dodd-Frank Act ("Title VII'), provides that the Securities and Exchange Commission ("SEC') and the Commodity Futures Trading Commission ("CFTC') (collectively, "the Commissions'), in consultation with the Board of Governors of the Federal Reserve System, shall jointly further define certain key terms ( ...
The swap rules have three pillars: execution, clearing, and reporting. Transparent execution. Central counterparty clearing. Data reporting and storage.
Title VII amends the Commodity Exchange Act (Commodity Act) and the Securities Exchange Act of 1934 (Exchange Act) to define swap dealers and SBS dealers (collectively, dealers) as those who make markets in swaps or SBS's, or those who regularly trade “swaps” or “SBS's” in the ordinary course of business for their own ...
— The term “security-based swap” includes any agreement, contract, or transaction that is as described in subparagraph (A) and also is based on the value of 1 or more interest or other rates, currencies, commodities, instruments of indebtedness, indices, quantitative measures, other financial or economic interest or ...