Open AccessLaw Enforcement Approaches to the Legal Qualification of Cryptocurrency (U.S. Judicial Practice)
Author(s) -
Ales V. Kontsevoy
Publication year - 2021
Publication title -
arbitražnyj i graždanskij process
Language(s) - English
Resource type - Journals
ISSN - 1812-383X
DOI - 10.18572/1812-383x-2021-4-40-44
Subject(s) - cryptocurrency , commodity , commission , futures contract , enforcement , corporation , business , law , law and economics , economics , political science , finance , computer security , computer science
The article deals with law application approaches of the US courts to the characterization of cryptocurrency. Facts of the cryptocurrency case filed by the US Commodity Futures Trading Commission against the ‘Cabbagetech’ Corporation for injunction are analyzed. The court formulated a case-law position according to which cryptocurrency is qualified as a civil turnover object that has the commodity economic and legal characteristics. The legal qualification of cryptocurrency as a commodity and the extension of the economic and legal features and attributes of the commodity to the cryptocurrency allows to structure property risks and to determine the civil law consequences of actions aimed at acquiring proprietary rights to cryptocurrencies. The emphasis on the legal policy of the US public institutions in the field of commodity and finance market security is placed.