# kaal:claim:2998033-014

**Claim.** Private investment funds operating solely on the Melon protocol are less likely to be required to register as a commodity pool operator or commodity trading advisor, because the CFTC has not labelled digital assets a currency under its guidelines.

**Type.** condition  **Support.** argued

**Holds when.**

- as of 2017 CFTC guidance

**Source quote.**

> Because the CFTC has not labelled digital assets a currency under CFTC guidelines, private investment funds operating solely on the Melon protocol will be less likely to be required to register as a CPO or CTA.

**From.** Wulf A. Kaal, *Blockchain Innovation for Private Investment Funds* (2017), II.5. Regulatory Implications, page 17

**Cite as.** Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033

**Verify.** sha256 of source PDF `aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Blockchain%20Innovation%20for%20Private%20Investment%20Funds.pdf

**Topics.** securities-law

**Keywords.** cftc, cpo-cta-registration, melonport, digital-assets

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