# kaal:claim:2998033-015

**Claim.** Digital ownership interests in private investment funds may fall outside the commodity definition because crypto limited partnership interests cannot be uniform across producers, unlike Bitcoin whose uniformity underlies the CFTC's commodity classification.

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

**Holds when.**

- turns on uniformity across producers as the dispositive characteristic of a commodity

**Source quote.**

> Thus, because of a lack of uniformity, it may be possible that digital ownership interests in private investment funds cannot be classified as commodities.

**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.** institutional-design

**Keywords.** cftc, commodity-definition, crypto-limited-partnership, uniformity

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