This article was authored by Kathryn Trkla, Jonathan Marcus and Charles Mills and originally appeared in Banking & Financial Services Policy Report, Vol. 38, No. 9. It is republished here with permission.
In March 2019, the American Bar Association's Derivatives and Futures Law Committee published a first-of-its-kind comprehensive legal guide on the complex web of federal and state statutes and precedents that have been applied to transactions in the fast-developing markets for "crypto" or "virtual" currencies, and the many other types of digital and digitized assets that exist or are recorded on blockchain platforms ("ABA White Paper").1 The white paper summarizes the current interpretations and applications of the federal securities, commodities, and derivatives trading laws, the federal anti-money laundering statutes, and the state statutes governing money services businesses. It also reviews the principal international statutory approaches to regulating crypto assets.
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