Sentences with phrase «fraud involving virtual»

On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the Commodity Futures Trading Commission's (CFTC) anti-fraud and anti-manipulation enforcement authority.1 Granting the CFTC's request for a preliminary injunction against the defendants who allegedly engaged in deception and fraud involving virtual currency spot markets, Judge Weinstein noted that «[u] ntil Congress clarifies the matter,» the CFTC has «concurrent authority» along with other state and federal administrative agencies and civil and criminal courts over transactions in virtual currency.2

Granting the CFTC's request for a preliminary injunction against the defendants who allegedly engaged in deception and fraud involving virtual currency spot markets, Judge Weinstein noted that» [u] ntil Congress clarifies the matter,» the CFTC has «concurrent authority» along with other state and federal administrative agencies and civil and criminal courts over transactions in virtual currency.

Not exact matches

To resolve that issue, the court had to determine whether (1) virtual currency may be regulated by the CFTC as a commodity and (2) the CEA permits the CFTC to exercise jurisdiction over fraud in connection with commodities that do not directly involve futures or derivative contracts.

Another first for Bitcoin, but an ignominious one: The Securities and Exchange Commission has filed its first fraud lawsuit involving the virtual currency, claiming it was used in a Ponzi scheme.

The CFTC's jurisdiction is implicated when a virtual currency is used in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce.

Beyond instances of fraud or manipulation, the CFTC generally does not oversee «spot» or cash market exchanges and transactions involving virtual currencies that do not utilize margin, leverage, or financing.»

A Korean court decided that this was tantamount to theft — treating the virtual items not exactly like real world items, but acknowledging a sentimental ownership — I don't know if the game politely restored those items, but the perpetrator was faced with charges involving not just computer frauds, but taking something from the wounded party.

Of course, when any problems break out, lawyers are the first to get involved, and the article discusses litigation that has been started over the trade in virtual goods, taxation of virtual commerce, and virtual scams and fraud artists.

When challenged, he saw no issue with breaking the TOS (he DID buy ISK, even if he then manipulated the PayPal system to avoid payment) and perpetrating electronic fraud, justifying it by saying Paypal does not guarantee sales involving virtual goods (which isn't exactly an inarguable statement, as Terra Nova regulars will know... it's more of SOME virtual goods, not all).

The report stated specifically that when the coin is used «in a derivatives contract, or if there is fraud or manipulation involving a virtual currency traded in interstate commerce.»