# Cftc

`kaal:entity:cftc`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `cftc`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 3 works, 2009 to 2017.

**2009**

- [1428387-020](https://wulfkaal.github.io/claims/1428387-020) [mechanism/argued] *(failure mode)* -- The Commodity Exchange Act family and friends exemption allows a qualifying manager to trade options and futures for fifteen individuals who need not be sophisticated or qualified investors, which circumvents accredited investor standards and admits retail investors into hedge funds.
  > "families and friends" program, he or she will be able to trade options and futures for 15 individuals who will not have to qualify as sophisticated or qualified investors. This helps to circumvent accredited investor standards and allow retail investors into hedge funds.
  Kaal, Hedge Fund Valuation Retailization, Regulation, and Investor Suitability (2009). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1428387

**2013**

- [2337268-021](https://wulfkaal.github.io/claims/2337268-021) [design/asserted] -- Form PF was created to improve SEC and CFTC investigations and examinations and to enable the Financial Stability Oversight Council to monitor systemic risk in U.S. financial markets.
  > Form PF was enacted in October 201164 to improve investigations and examinations by the SEC and the Commodity Futures Trading Commission (CFTC) and to facilitate the FSOC's65 monitoring of systemic risk in U.S. financial markets.66
  Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

**2017**

- [2998033-014](https://wulfkaal.github.io/claims/2998033-014) [condition/argued] -- 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.
  > 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.
  Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033
- [2998033-015](https://wulfkaal.github.io/claims/2998033-015) [condition/argued] -- 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.
  > Thus, because of a lack of uniformity, it may be possible that digital ownership interests in private investment funds cannot be classified as commodities.
  Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/cftc.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.