Bridging the Week by Gary DeWaal: June 18 - 22 and June 25, 2018 (Cryptocurrencies; Fiat Currencies; Trust; Fraud; Jurisdiction; Administrative Law Judges)

Published Date: June 24, 2018

Last week, the Bank for International Settlements strongly criticized cryptocurrencies, claiming that trust in digital tokens could disappear at any time because of the “fragility of the decentralized consensus through which transactions are recorded.” Moreover, BIS said that if cryptocurrencies are successful, their use could crash the Internet. BIS contrasted the instability of cryptocurrencies with the general stability and global acceptance of fiat currencies and current payment mechanisms. Venezuelan bolivars anyone? Separately, the Commodity Futures Trading Commission requested a federal appeals court to review and reverse a recent adverse decision against it potentially undercutting its authority to bring fraud cases against persons transacting in commodities where no derivatives are involved and even where leveraged commodity transactions involving retail persons are at play. As a result, the following matters are covered in this week’s edition of Bridging the Week:

Because of work travel and holiday, the next regularly scheduled edition of Bridging the Week will be July 16.

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Gary DeWaal

Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.

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Gary DeWaal
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