본문 바로가기
KERD
논문KCI 등재

가상통화 관련 파생상품거래 등에 대한 미국 연방 상품거래법상 쟁점에 관한 고찰-연방상품규제당국(CFTC)의 접근방법을 중심으로-

An Analysis of the Legal Issues regarding Derivatives Transactions, etc. involving Virtual Currencies under the U.S. Commodity Exchange Act – Focusing on the Approaches taken by the Commodity Futures

심인숙
중앙법학회 (Chung-Ang Law Association)|2019.12|중앙법학 (CHUNG_ANG LAW REVIEW)|제21권 제4호|pp. 127-192|DOI 10.21759/caulaw.2019.21.4.127

0

조회

0

다운로드

16

인용

0

참고문헌

키워드

파생상품derivatives가상통화virtual currency상품commodityCFTC상품거래법상품선물거래위원회Commodity Exchange Act
주제분류법학

초록

2009년 비트코인 출현 이래 비약적으로 진화하고 있는 가상통화가 그 자체 직접 투자대상이 되거나 파생상품의 기초자산으로서 간접적 투자대상이 되는 경우 미국의 규제 사례를 살펴보았다. 가상통화 시장을 직접적으로 규제하는 포괄적인 연방 차원의 법률은 아직까지 마련되어 있지 아니하다. 가상통화의 속성과 기능에 따라서 연방과 주차원에서 해당 관련법에 따라 다수의 규제당국이 관여하는 다면적인 규제체계를 운용하고 있다. 이 글에서는 가상통화 관련 파생상품과 현물거래에 관한 연방 상품거래법의 규제 체계와 동법상 규제당국인 상품선물거래위원회(CFTC)의 접근방식과 적용 사례를 검토하였다. 가상통화에 일반적으로 적용하기 위하여 상품거래법령을 개정하거나 CFTC 규정을 새로 만들지는 아니하였지만, CFTC는 가상통화가 상품거래법상 ‘상품’에 해당한다고 보고 다른 ‘상품’과 마찬가지로 상품거래법을 적용하고 있다. 즉 동법의 기존 법리를 가상통화에 적용하면서 필요한 경우 적극적으로 유권해석을 하는 등의 탄력적인 방식으로 가상통화를 규제하고 있다. 가상통화 관련 파생상품에 대하여 CFTC는 상품거래법상 파상생품의 장내․외 거래 규제, 거래소 등 시장과 관련 업자 규제 및 파생상품시장에서의 불공정거래행위에 관한 규제를 포괄적으로 적용하고, 적격계약참가자에 해당하지 아니하는 자가 소매상품거래를 하는 경우에도 마찬가지 규제 틀이 적용된다고 보고 있다. 가상통화 현물거래의 경우에는 사기적 행위 등 불공정거래행위가 개입된 경우에만 CFTC의 규제 범위 내에 들어간다고 본다. CFTC는 가상통화가 가지는 일반 상품과는 다른 특성 때문에 상품거래법령 적용상 불명확한 점에 대하여는 그때그때 적용기준 발표, 유권해석 등을 통하여 대응하면서 최대한 탄력적인 적용이 가능하도록 신중하게 접근하고 있다. 가상통화 개념부터 그 외연을 열어놓아 향후 기술발전과 가상통화 시장의 진화에 즉응할 수 있도록 하고 있다. CFTC는 상품거래법상 규제당국으로서 가상통화 관련 폰지사기 등 불공정거래행위에 대하여 강력한 제재조치를 지속하고 있고, 불공정거래행위가 개입되지 아니한 경우에도 미등록시장개설, 미등록업자 규제 등 시장질서와 제도의 근간이 되는 틀에 대한 규제도 병행하고 있다. 이 글에서는 2015. 9. CFTC가 처음으로 가상통화를 ‘상품’으로 보고 제재조치를 내린 Coinflip 사건부터 최근에 이르기까지의 주요 제재조치 사례를 분석하였다. 다른 한편으로 CFTC는 가상통화를 제도권내에 수용하기 위한 노력도 게을리 하지 아니하고 있다. 2017. 12. CME등 세계적인 거래소에 비트코인선물 상장을 허용한 사례와 당시 CFTC가 택한 접근방식을 검토하고, 이후 선물업계의 반응과 그에 대한 CFTC의 대응(일반적인 가상통화 관련 파생상품 상장기준 제시 등)을 살펴보았다. 특히 CFTC가 향후 비트코인에서 나아가 이더(Ether) 관련 파생상품의 상장 가능성을 염두에 두고 능동적으로 의견수렴 과정을 주도하고 있는데 주목하였다. 가상통화 관련 파생상품청산회사(DCO) 등록시 해당 신상품의 특성에 따라 탄력적으로 규제권한을 행사한 사례도 간략히 보았다. 앞으로 가상통화 관련 파생상품과 현물거래에 관한 현재의 연방법규제 체계와 CFTC의 접근방식이 지속될지, 연방법원이 어떠한 입장을 취할지, 나아가 연방의회 차원에서의 입법적 보완 움직임 등에 대하여서도 지켜볼 필요가 있다. 최근 일본은 최근 금융상품거래법을 개정하여 가상통화와 관련하여 ICO 및 현․선물 거래에 관한 명시적인 법규제 체계를 마련하였고 영국은 일반투자자의 가상통화 관련 파생상품 투자를 금지하려는 움직임을 보이고 있는데, 아직 가상통화가 투자대상으로 기능하는 측면에 대한 포괄적인 입법을 마련하지 아니한 우리 상황에서 미국의 사례와 함께 향후 보다 적극적인 대응방안을 마련함에 있어서 시사하는 점이 크다.

Abstract

Since the launch of the Bitcoin, the first virtual currency based upon blockchain or distributed ledger technology in 2009, numerous other virtual currencies have emerged and the novel technologies have evolved rapidly. The functions and uses of virtual currencies(“VCs”) are no longer confined to those as a medium of exchange or payment. Rather characteristics of VCs as an investment have become of greater importance. VCs are actively traded on a number of online platforms around the world and the number of retail investors seeking investment opportunities in these markets have increased dramatically over the past several years. In late 2017, CME and Cboe Futures Exchange have listed Bitcoin futures derivatives and became the world’s first federally regulated Bitcoin futures market. As the rise of the public interests in VCs for investments in the derivatives markets as well as in the spot markets, fraudulent activities have increased in these fields and in turn the demands for regulatory responses have heightened. In this Article, the author examines how the regulators in the United States have responded to those challenges, especially focusing on the approaches taken by the Commodity Futures Trading Commission(“CFTC”) under the U.S. Commodity Exchange Act(“CEA”). In Part II, this Article examines the regulatory framework regarding VCs under the CEA and the basic approaches taken by the CFTC. US law does not provide for direct comprehensive system to regulate VCs. Among other regulators at the federal or state levels(including state banking authorities, IRS, FinCEN and the SEC), the CFTC has, depending upon settings, an exclusive or concurrent regulatory power over VCs. In the Matter of Coinflip, Inc. in 2015 the CFTC first found that VCs are properly defined as commodities under the CEA. Since then, the CFTC has treated not only Bitcoin but also any VCs collectively as commodities for purposes of the CEA and has applied the long standing principles of the CEA and regulations thereunder to the VCs. The CFTC has both regulatory and enforcement jurisdiction under the CEA over derivatives on VCs traded in the U.S. market and conducts comprehensive regulatory oversight, including imposing registration requirements, standard of conduct, capital requirements and platform and system safeguards, as well as enforcement power. However, the CFTC does not have regulatory jurisdiction under the CEA over markets or platforms conducting cash or spot transactions in VCs, but does have enforcement jurisdiction thereover if there is fraud or manipulation involving VCs traded in interstate commerce. In Part III, the author goes through various enforcement actions that the CFTC has taken since the Coinflip case in 2015. Among others, she looks through a number of civil enforcement actions against Ponzi schemes or fraudulent schemes involving VCs and a few settled charges for registration violations on derivatives markets or futures commission merchants with no anti-fraud issue. In Part IV, the author points out that the CFTC has endeavored to accommodate the derivative transactions involving VCs within the regulated markets through the listing of futures contracts on VCs on the national exchanges. It also has provided for the guidelines for the future listing of new products, incorporating the comments from the futures industry. It has requested for public input on VCs mechanics and markets in preparation for the introduction of derivative contracts on other VCs beyond Bitcoin, specifically Ether. In Part V. the author highly appreciates the CFTC’s efforts to keep abreast of the VCs developments to forster technology revolution while enhancing market integrity and investor protection through thorough enforcements. She will keep a close eye on whether the CFTC will stick to its current approaches and how the federal courts and the Congress will respond to the CFTC’s actions at firsthand and, ultimately, to the technology innovation on VCs.

참고문헌 (102)

  1. 금융위원회, "가상통화 관련 관계부처 회의 결과", ~ (2019)
  2. 금융위원회, "기관별 추진현황 점검을 위한「가상통화 관계기관 합동 TF」 개최", ~ (2017)
  3. 금융위원회, "일명“가상통화펀드”관련 투자자 유의사항", ~ (2018)
  4. 금융위원회, "핀테크 활성화를 위한 규제혁신 건의과제 검토결과", ~ (2019)
  5. 금융위원회, "ICO 실태조사 관련 보도자료", ~ (2019)
  6. "지식경제부 공고 제2011-483호, 일반상품거래법 제정(안) 입법예고", ~ (2011)
  7. 김홍기, "미국 도드-프랭크법의 주요 내용 및 우리나라에서의 시사점", 금융법연구, 7(2), pp.45~90 (2010), 한국금융법학회
  8. 김홍기, "블록체인 기술의 지급결제적 특성과 전자금융거래법 개정 방안", 금융법연구, 15(3), pp.101~134 (2018), 한국금융법학회[DOI]
  9. 맹수석, "Dodd-Frank Act의 장외파생상품 거래에 대한 주요 규제내용과 법적 시사점", 증권법연구, 11(3), pp.77~109 (2010), 한국증권법학회
  10. 맹수석, "핀테크(FinTech) 진전과 금융소비자보호 방안", 기업법연구, 31(4), pp.331~365 (2017), 한국기업법학회[DOI]
  11. 맹수석, "블록체인방식의 가상화폐에 대한 합리적 규제 방안-비트코인을 중심으로-", 상사법연구, 35(4), pp.137~168 (2017), 한국상사법학회[DOI]
  12. 미국 가상통화(VC: Virtual Currency) 규제의 주요내용과 시사점, "배승욱", ~ (2018)
  13. 설민수, "블록체인 기술의 대강과 암호화폐의규제 및 그 접근방법 -미국과 비교하여", 사법, 1(43), pp.293~338 (2018), 사법발전재단[DOI]
  14. 심인숙, "ICO(Initial Coin Offering)에 대한 미국 연방증권법상 쟁점에 관한 고찰 - 연방증권규제당국(SEC)의 접근방법을 중심으로 -", 중앙법학, 20(4), pp.219~285 (2018), 중앙법학회[DOI]
  15. 유주선, "가상통화에 대한 입법적 방안과 법적 쟁점 연구", 금융법연구, 15(1), pp.213~243 (2018), 한국금융법학회[DOI]
  16. 이나래, "가상통화의 법적 성질 및 보유자권리의 성격 검토", BFL, (89) (2018)
  17. 전우정, "암호화폐의 법적 성격과 규제개선 방안 - 민법상 물건, 금전, 자본시장법상 증권인지 여부 검토", 금융법연구, 16(1), pp.147~199 (2019), 한국금융법학회[DOI]
  18. 정경영, "암호통화(cryptocurrency)의 본질과 스마트계약(smart contract)에 관한 연구", 상사법연구, 36(4), pp.109~150 (2018), 한국상사법학회[DOI]
  19. 디지털 사회 법제연구(II) - 블록체인 기반의 스마트계약 관련 법제 연구, "정경영", 한국법제연구원, ~ (2017)
  20. 정순섭, "가상통화의 법률문제", BFL, (89) (2018)
  21. 정진명, "블록체인 기반 스마트계약의 법률문제", 비교사법, 25(3), pp.925~968 (2018), 한국사법학회[DOI]
  22. 디지털 사회 법제연구(I) - 가상통화 규제체계에 관한 연구, "한정미", 한국법제연구원, ~ (2017)
  23. 한국은행, "리브라(Libra)에 대한 미 정부의 규제방침 및 의회의 견해", 한국은행 뉴욕사무소 현지정보, ~ (2019)
  24. Gary E. Kalbaugh, "Derivatives Law and Regulation" (2018), Carolina Academic Press
  25. James A. Cox, "Blcokchain for Business Lawyers" (2019), American Bar Association
  26. Rosario Girasa, "Regulation of Crytocurrencies and Blockchain Technologies" (2018), Springer International Publishing
  27. "A CFTC Primer on Virtual Currencies" (2017)[URL]
  28. "CFTC Backgrounder on Oversight of and Approach to Virtual Currency Futures Markets" (2018)[URL]
  29. "CFTC Backgrounder on Self-Certified Contracts for Bitcoin Products" (2017)[URL]
  30. "CFTC Charges Colorado Resident Dillon Michael Dean and His Company, The Entrepreneurs Headquarters Limited, with Engaging in a Bitcoin and Binary Options Fraud Scheme, Release No. 7674-18", ~
  31. "CFTC Charges Company and its Principal in $147 Million Fraudulent Bitcoin Trading Scheme, Release No. 7938-19 (Jun. 18, 2019)", ~ (2019)
  32. "CFTC Charges Multiple Individuals and Companies with Operating a Fraudulent Scheme Involving Binary Options and a Virtual Currency Known as ATM Coin. U.S. District Court for the Eastern District of New York Issues Emergency Order Freezing Defendants’ Assets and Granting the CFTC Immediate Access to Defendants’ Books and Records, Release No. 7714-18 (Apr. 18, 2018)", ~ (2018)
  33. "CFTC Charges Nicholas Gelfman and Gelfman Blueprint, Inc. with Fraudulent Solicitation, Misappropriation, and Issuing False Account Statements in Bitcoin Ponzi Scheme, Release No. 7614-17 (Sept. 21, 2017)", ~ (2017)
  34. "CFTC Charges Patrick K. McDonnell and His Company CabbageTech, Corp. d", b, pp.2018, ~
  35. "CFTC Charges Randall Crater, Mark Gillespie, and My Big Coin Pay, Inc. with Fraud and Misappropriation in Ongoing Virtual Currency Scam, Release No. 7678-18", ~
  36. "CFTC Charges Two Defendants with Fraudulent Solicitation, Impersonation of a CFTC Investigator, and Forging CFTC Documents, All in Attempt to Steal Bitcoin, Release No. 7813-18 (Sept. 28, 2018)", ~ (2018)
  37. "CFTC Grants DCO Registration to Eris Clearing LLC, Release No. 7954-19 (Jul. 1, 2019)", ~ (2019)
  38. "CFTC Grants DCO Registration to LedgerX LLC, Release No. 7592-17 (Jul. 24, 2017)", ~ (2017)
  39. "CFTC Grants Registration to 3 Swap Execution Facilities, Release No. 7375-16 (May 26, 2016)", ~ (2016)
  40. "CFTC Issues Proposed Interpretation on Virtual Currency “Actual Delivery” in Retail Transactions, Release No. 7664-17 (Dec. 15, 2017)", ~ (2017)
  41. "CFTC Letter No. 17-35", Exemption, Division of Clearing and Risk, ~ (2017)
  42. "CFTC Letter No. 19-15 No-action", Division of Clearing and Risk, ~ (2019)
  43. "CFTC Orders Bitcoin Exchange Bitfinex to Pay $75,000 for Offering Illegal Off-Exchange Financed Retail Commodity Transactions and Failing to Register as a Futures Commission Merchant, Release No. 7380-16 (Jun. 2, 2016)", ~ (2016)
  44. "CFTC Orders Bitcoin Options Trading Platform Operator and its CEO to Cease Illegally Offering Bitcoin Options and to Cease Operating a Facility for Trading or Processing of Swaps without Registering, Release No. 7231-15 (Sept. 17, 2015)", ~ (2015)
  45. "CFTC Orders Former Virtual Currency Trader to Pay More than $1.1 Million for Fraudulent Bitcoin and Litecoin Scheme, Release No. 7839-18(Nov. 9, 2018)", ~ (2018)
  46. "CFTC Order of Registration, In the Matter of the Application of Eris Clearing, LLC For Registration as a Derivatives Clearing Organization (Jul. 1, 2019)", ~ (2019)
  47. "CFTC Order of Registration, In the Matter of the Application of LedgerX, LLC For Registration as a Derivatives Clearing Organization (Jul. 24, 2017)", ~ (2017)
  48. "CFTC Seeks Public Comments on Crypto-asset Mechanics and Markets, Release No. 7855-18 (Dec. 11, 2018)", ~ (2018)
  49. "CFTC Settles with TeraExchange LLC, a Swap Execution Facility, for Failing to Enforce Prohibitions on Wash Trading and Prearranged Trading in Bitcoin Swap, Release No. 7240-15 (Sept. 24, 2015)", ~ (2015)
  50. "CFTC Staff Advisory No. 18-14 (May 21, 2018), Division of Market Oversight and Division of Clearing and Risk, “Subject: Advisory with respect to Virtual Currency Derivative Product Listings”", ~ (2018)
  51. "CFTC Staff Issues Advisory for Virtual Currency Products, Release No. 7731-18 (May 21, 2018)", ~ (2018)
  52. "CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange, Release No. 7654-17 (Dec. 1, 2017)", ~ (2017)
  53. "CFTC Wins Trial against Virtual Currency Fraudster - Court Orders Defendants to Pay over $1.1 Million in Penalties and Restitution in Connection with the “Vicious Defrauding of Customers”, Release No. 7774-18 (Aug. 24, 2018)", ~ (2018)
  54. "CFTC v. Gelfman Blueprint, Inc., and Nicholas Gelfman, Case No. 17-CV-07181 (PKC) (S.D.N.Y. Oct. 2, 2018), Consent Order", ~ (2018)
  55. "CFTC v. Gelfman Blueprint, Inc., and Nicholas Gelfman, Case No. 17-7181 (PKC) (S.D.N.Y. Oct. 16, 2018), Final Judgment", ~ (2018)
  56. "CFTC v. John Doe 1 aka Morgan Hunt dba Diamonds Trading Investment House, and John Doe 2 aka Kim Hecroft dba First Options Trading, Case No. 4:18-cv-00807-O (N.D.Texas, Jul. 28, 2019), Order and Default Judgment", ~ (2019)
  57. "CFTC v. My Big Coin Pay, Inc. at al, Civil Action No. 18-10077-RWZ (Dist. Mass. Sept. 26, 2018), Memorandum of Decision", ~ (2018)
  58. "CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d", b, pp.2018, ~
  59. "CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d", b, pp.2018, ~
  60. "CFTC v. Patrick K. McDonnell and CabbageTech, Corp. d", b, pp.2018, ~
  61. "CFTC v. Patrick K. McDonnell andCabbageTech, Corp. d", b, pp.2018, ~
  62. "Complaint: CFTC v. Blake Harrison Kantor, Gordon, Nathan Mullins, Blue Bit Banc. Blue Bit Analytics, Ltd., G.Thomas Client Services, and Mercury Cove, Inc., Civil Action No. 18-cv-2247-SJF-ARL (E. D. N. Y. Apr. 16, 2018)", ~ (2018)
  63. "Complaint: CFTC v. Control-Finance Limited and Benjamin Reynolds, ECF Case No. 19-cv-5631 (S.D.N.Y, Jun. 17, 2019)", ~ (2019)
  64. "Complaint: CFTC v. David Gilbert Saffron a", k, pp.2019, ~
  65. "Complaint: CFTC v. Dillon Michael Dean and The Entrepreneurs Headquarters Limited, Case No. 18-cv-00345 (Jan. 18, 2018)", ~ (2018)
  66. "Complaint: CFTC v. Gelfman Blueprint, Inc., and Nicholas Gelfman, Case No. 17-7181 (S.D.N.Y. Sept. 21, 2017)", ~ (2017)
  67. "Complaint: CFTC v. John Doe 1 aka Morgan Hunt dba Diamonds Trading Investment House, and John Doe 2 aka Kim Hecroft dba First Options Trading, Case No. 18-cv-807 (N.D.Texas, Sep. 28, 2018)", ~ (2018)
  68. "Complaint: CFTC v. My Big Coin Pay, Inc., Randall Crater, and Mark Gillespie, Case: 1:18-cv-10077-RWZ (Mass Dist. Ct. Jan. 16, 2018) & Amended Complaint: CFTC v. My Big Coin Pay, Inc. et al. Case No. 1:18-cv-10077-RWZ (Mass Dist. Ct. Apr. 20, 2018)", ~ (2018)
  69. "Complaint: CFTC v. Patrick K. McDonnell, and CabbageTech, Corp. d", b, pp.2018, ~
  70. "Dissenting Statement by Commissioner Sharon Y. Bowen Regarding TeraExchange LLC" (2015)[URL]
  71. "Ethereum 2.0 Proof of Stake(PoS)"[URL]
  72. "FCA proposes ban on sale of crypto-derivatives to retail consumers, Financial Conduct Authority Press Release" (2019)[URL]
  73. "Federal Court Finds that Virtual Currencies Are Commodities, CFTC Release No. 7820-18" (2018)[URL]
  74. "Federal Court in New York Enters Preliminary Injunction Order against Patrick K. McDonnell and His Company CabbageTech, Corp. d", b, pp.2018, ~
  75. "Federal Court Orders Trading Firm and CEO to Pay More than $2.5 Million for Fraudulent Bitcoin Ponzi Scheme, Release No. 7831-18 (Oct. 18, 2018)", ~ (2018)
  76. "Federal Court Permanently Enjoins Defendants and Orders Them to Pay Penalties and Restitution for Bitcoin Solicitation Fraud, Impersonating a CFTC Investigator, and Sending Forged CFTC Documents, Release No. 7965-19 (Jul. 10, 2019)", ~ (2019)
  77. "FIA Letter to the CFTC Re: Retail Commodity Transactions Involving Virtual Currency(RIN 3038-AE62)" (2018)[URL]
  78. "Financial Services Superintendent Linda A. Lacewell announces DFS grants Charter TO BAKKT, NYDFS Press Release" (2019)[URL]
  79. "ICLR US Self-Certification Pursuant to Commission Rule 40.6 – Physically Settled Digital Currency Contracts" (2019)[URL]
  80. "IFUS Submission Nos. 19-160 and No. 19-161" (2019)[URL]
  81. "In the Matter of: BFXNA Inc, d", b, CFTC, pp.2016, ~
  82. "In the Matter of: Coinflip, Inc., d", b, CFTC, pp.2015, ~
  83. "In the Matter of Joseph Kim, CFTC Docket No. 19-02", CFTC, ~ (2018)
  84. "In the Matter of: TeraExchange LLC, CFTC Docket No. 15-33", CFTC, ~ (2015)
  85. "Notice 2014-21" (2014)[URL]
  86. "Letter from Allison Lurton, SVP and General Counsel, FIA to CFTC (RE: Request for Input on Crypto-Asset Mechanics and Markets, Feb. 15, 2019)"[URL]
  87. "Letter from Walt Lukken, President and CEO, FIA to J. Christopher Giancarlo, Chairman, CFTC (RE: Open letter regarding the listing of cryptocurrency derivatives, Dec. 6, 2017)"[URL]
  88. "Order Granting Plaintiff’s Motion for An Ex Parte Temporary Restraining Order, Case No. 1:18-cv-10077-RWZ (Mass Dist. Ct. Jan. 16, 2018)", ~ (2018)
  89. "Order Granting Plaintiff’s Motion for a Statutory Restraining Order, Civil Action No. CV18 2247 (E. D. N. Y. Apr. 17, 2018)", ~ (2018)
  90. "Public Statement: Dissent of Commissioner Hester M. Peirce to Release No. 34-83723; File No. SR-BatsBZX-2016-30" (2018)[URL]
  91. "Retail Commodity Transactions Involving Virtual Currency", Fed. Reg, pp.60335~ (2017)
  92. "Framework for “Investment Contract” Analysis of Digital Assets"[URL]
  93. "Public Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”" (2019)[URL]
  94. "SEC Release No. 34-83723; File No. SR-BatsBZX-2016-30 (Jul. 26, 2018)", ~ (2018)
  95. "SEC Release No. 34-83904; File No. SR-NYSEArca-2017-139 (Aug. 22, 2018)", ~ (2018)
  96. "SEC Release No. 34-83912; File No. SR-NYSEArca-2018-02 (Aug. 22, 2018)", ~ (2018)
  97. "SEC Release No. 34-87267; File No. SR-NYSEArca-2019-01 (Oct. 9, 2019)", ~ (2019)
  98. "SEC Release No. 34-86995; File No. SR-CboeBZX-2019-004 (Sept. 17, 2019)", ~ (2019)
  99. "Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings" (2018)[URL]
  100. "Testimony of CFTC Chairman Timothy Massad before the U.S. Senate Committee on Agriculture, Nutritions and Forestry" (2014)[URL]
  101. "Written Testimony of Chairman J. Christopher Giancarlo before the Senate Banking Committee, Washington, D.C" (2018)[URL]
  102. "83 FR 64563" (2018)[URL]

관련 논문AI추천

가상화폐의 재산성에 관한 일고찰 - 최근 대법원 판결을 중심으로 -선종수한국비교형사법학회 · 비교형사법연구2022 · 제24권 제3호가상화폐의 금융법 규제에 관한 비교법적 검토 -비트코인을 중심으로-이현정과학기술법연구원 · 과학기술법연구2015 · 제21권 제3호미국의 가상통화 규제 및 시사점배승욱법학연구소 · 외법논집2018 · 제42권 제2호일본의 법제상 가상자산파생상품 및 펀드에 관한 규제오성근한국증권법학회 · 증권법연구2025 · 제26권 제1호가상통화의 법적 규제방안 마련을 위한 종합적 검토- 각국의 동향, 정부안 및 국회의원 발의안을 중심으로맹수석, 이형욱사법발전재단 · 사법2017 · 제1권 제42호ICO(Initial Coin Offering)에 대한 미국 연방증권법상 쟁점에 관한 고찰 - 연방증권규제당국(SEC)의 접근방법을 중심으로 -심인숙중앙법학회 · 중앙법학2018 · 제20권 제4호

이 간행물의 다른 논문 (11건)

상영등급분류제도의 헌법적 검토이재명pp. 7-46고위공직자범죄수사처의 형사사법체계 정합성에 관한 고찰김성천pp. 47-82책임능력의 법적⋅심리학적 판단기준정혜욱pp. 83-126A Comparative Study on the Market for Corporate Control and the Rise of Shareholder Activism in Corporate Governance김보혁pp. 193-232자율주행시스템(ADS)에 대한 안전규제체계 검토 -자동차관리법을 중심으로황창근, 이중기pp. 233-270
원문 보기