The National Futures Association will implement a rule to govern members' conduct when engaging in activities with cryptocurrencies Bitcoin and Ether.
The National Futures Association , the United States self-regulatory organization for derivatives markets, has issued a new compliance rule addressing members’ conduct. The new rule complements requirements issued in 2018.
The NFA has “well over 100” members that engage in activities with digital asset commodities, but no way to address fraud or misconduct committed by those members, the organizationto secretary of the Commodity Futures Trading Commission Christopher Kirkpatrick in a Feb. 28 letter as it submitted the proposed new rule for approval.
The new rule is modelled on the NFA’s antifraud rules for exchange traded futures and swaps transaction and retail foreign exchange. The NFA is the only registered self-regulatory organization that has delegated authority from the CFTC, giving it an analogous status to FINRA with the Securities and Exchange Commission.
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