Skip to content

Menu

ChannelsPublishersSubscribe
LexBlog, Inc. logo
LexBlog, Inc. logo
ProductsSub-MenuBlogsPortalsTwentySyndicationMicrositesResource Center
Join
Search
Close
Join the Movement. Blog 4 Good

CFTC Adopts Final Interpretation on the Actual Delivery Exception for Leveraged Retail Virtual Currency Transactions

By Jai R. Massari, Annette L. Nazareth, Gabriel D. Rosenberg, Zachary J. Zweihorn & Tyler X. Senackerib
March 27, 2020
EmailTweetLikeLinkedIn

The CFTC unanimously approved final interpretive guidance describing what constitutes “actual delivery” of a virtual currency for purposes of the actual delivery exception from the provisions of the Commodity Exchange Act that prohibit any leveraged, margined, or financed transaction in a commodity with a retail customer, unless the transaction is conducted as if it were a futures contract.  The final guidance is of key importance for cryptocurrency and digital asset intermediaries, such as digital asset exchanges and dealers, as it may significantly constrain the ability to offer leveraged or margined trading to retail customers.  Our client memorandum discusses this guidance in greater detail.

 

View as a PDF

Jai R. Massari

Ms. Massari is a partner in Davis Polk’s Financial Institutions Group and the trading and markets practice, based in the Washington DC office. [Full Bio]

Read more about Jai R. MassariEmail
Annette L. Nazareth

Ms. Nazareth is a partner and head of Davis Polk’s Washington DC office and leads the trading and markets practice within the firm’s Financial Institutions Group. [Full Bio]

Read more about Annette L. NazarethEmail
Gabriel D. Rosenberg

Mr. Rosenberg is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]

Read more about Gabriel D. RosenbergEmail
Zachary J. Zweihorn

Mr. Zweihorn is counsel in Davis Polk’s Financial Institutions Group and the trading and markets practice. [Full Bio]

Read more about Zachary J. ZweihornEmail
Tyler X. Senackerib

Mr. Senackerib is an associate in Davis Polk’s Financial Institutions Group. [Full Bio]

Read more about Tyler X. SenackeribEmail
  • Posted in:
    Corporate & Commercial, Financial
  • Blog:
    FinReg
  • Organization:
    Davis Polk & Wardwell LLP
  • Article: View Original Source

Stay Connected

Facebook LinkedIn Twitter RSS
Real Lawyers

Company

  • About LexBlog
  • Careers
  • Press
  • Contact LexBlog
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Terms of Service
  • RSS Terms of Service

Products

  • Products
  • Blogs
  • Portals
  • Twenty
  • Syndication
  • Microsites

Support

  • 1-800-913-0988
  • Submit a Request
  • Support Center
  • System Status
  • Resource Center

New to the Network

  • Redefined Blog
  • Global Trade Law Blog
  • The Quick Take
  • Consumer Privacy World
  • Energy Law Report
Copyright © 2021, LexBlog, Inc. All Rights Reserved.
Powered By LexBlog