Law360 Publishes Akin Gump Analysis of New NFA Cryptocurrency Requirements
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Akin Gump investment management partner J.P. Bruynes and law clerk Stephanie Bradford have written the article “Preparing For The New NFA Cryptocurrency Requirements,” which was published by Law360. The article looks at the National Futures Association’s new October 31 disclosure requirements regarding virtual currency and what companies can do to prepare for them.
Bruynes and Bradford write that the NFA is establishing the new disclosure requirements because the virtual currency market “remains largely unregulated and opaque.” They go into detail on the prescribed disclosures for futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisers. They also discuss some suggested disclosures for pool and managed account programs.
The authors conclude with a look at how the Securities and Exchange Commission views the risks of virtual currencies and the need for enhanced disclosures. At the end, they observe that U.S. regulators “will likely publish new guidance on virtual currencies before the end of the year, as major issues remain outstanding.”
To read the full article, please click here.
