Deputy Director, Office of Customer Education and Outreach,
U.S. Commodity Futures Trading Commission
Dan Rutherford joined the Commodity Futures Trading Commission as its first director of customer education and outreach in April 2016. He came to the CFTC with nearly two decades of personal finance writing and financial education experience. Mr. Rutherford was among the team that organized the Consumer Financial Protection Bureau's (CFPB) Office of Financial Education, was an associate director of FINRA's Office of Investor Education, and was the editor of Kiplinger.com
The U.S. Commodity Futures Trading Commission (CFTC) is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts.
While its regulatory oversight authority over commodity cash markets is limited, the U.S. Commodity Futures Trading Commission (CFTC) maintains general anti-fraud and manipulation enforcement authority over virtual currency cash markets as a commodity in interstate commerce.
The U.S. Commodity Futures Trading Commission (CFTC) is advising customers to avoid pump-and-dump schemes that can occur in thinly traded or new “alternative” virtual currencies and digital coins or tokens. Customers should not purchase virtual currencies, digital coins or tokens based on social media tips or sudden price spikes. Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype from facts.
One of the most recent marketplace developments driving a lot of interest is the rise in prominence of virtual currencies, specifically bitcoin (BTCUSD). But what exactly are virtual currencies and what are the risks of trading them?