He expressed in no uncertain terms that the law of the land presides over any code, and revealed who he thinks is responsible for in cases of illegal smart contract use.
Struggling with definitions
The CFTC is the regulatory body that oversees the commodities, futures and options markets in the US. Much like the Securities and Exchange Commission, its fellow watchdog, it is still struggling to codify a conclusive definition of exactly which cases of cryptocurrency business fall under its jurisdiction (the latter is concerned with crypto-tokens that could be defined as shares in a company).
It should be noted that Quintenz stated that his views were not necessarily those of his employer.
How should the CFTC enforce its regulations against a software code?
Beginning positively, Quintenz made it clear that he understands the usefulness of smart contracts ("almost limitless in their applicability,"), identifying a couple of examples of their use.
There are many smart contracts which would not be relevant to the CFTC at all. However, he said that where a smart contract is used to undertake an activity which is both illegal and under the jurisdiction of the CFTC, it must be policed. Quintenz gives the example of contracts used to sell financial/event prediction software which is used to make a profit.
He asked: "How should the CFTC enforce its regulations against a software code, rather than a registered intermediary or an exchange?"
Think of someone asking you to borrow the keys to your car because they want to rob a bank
The core developers of the blockchain are out. Despite the fact that they retain some measure of control over their nominally open-source creation, in his opinion it would be "unreasonable" to punish them: "They may not even be aware that this particular type of smart contract has been deployed."
This means that in the case of illegal activity, only those specifically involved with the smart contract are liable - the developers and the end users.
It would be natural for the former to pass responsibility to the latter. Quintenz, however, considers that going after the users would be an "unsatisfactory, ineffective course of action" because it may not be possible to effectively stop people from using an open code.
This leaves him with the smart contract developers. In the opinion of Quintenz, these are the people who a liable for illegal use.
"Think of someone asking you to borrow the keys to your car because they want to rob a bank. If you let them borrow your car, it would be reasonable for the government to hold you partially responsible for the ensuing criminal activity," he explained.
The question that the CFTC should ask, Quintez argued, is "whether these code developers could reasonably foresee, at the time they created the code, that it would likely be used by U.S. persons in a manner violative of CFTC regulations."
Ideally, he said that developers would engage with the CFTC to check if something is legal or not. Chairman Giancarlo set up LabCFTC in May 2017 for exactly this purpose - Quintenz said that in its first year, the department had seen 200 meetings with start-ups and relevant people.
"I would much rather pursue engagement than enforcement – but in the absence of engagement, enforcement is our only option."
Jeff Bandman. Source: LinkedIn
Jeff Bandman, Founding Director of LabCFTC and Lecturer in Global Affairs at Yale University, thinks that Quintenz' main purpose was to inspire discussion on a complex subject: "I read his speech as conducting a thought experiment in plain sight of his audience about how to apply the CFTC’s regime to a smart contract whose behavior looks a lot like a future, swap or option. He is breaking new ground."
Regarding Quintez' comments on users not being culpable, Bandman said: "The “who is responsible” question goes beyond the CFTC. It depends on what the activities are that the smart contract performs. Normally enforcement might focus on a registered business owner, but in the future decentralized world they may need to look elsewhere. It would still be necessary to meet the elements of civil or criminal liability, which ultimately a court would have to determine."
Commodity or security?
In September 2018, a federal court ruled that the watchdog can consider cryptocurrency to be a commodity for the purposes of a case that it is pursuing.
Defending lawyers had argued that the CFTC had had no authority in the case because the token in question did "not have future contracts or other derivatives trading on it, [and thus] is not a commodity.” The judge ruled, however, that it is a commodity because it could theoretically be used to support such derivatives.
Bandman said that while the ruling "bolsters the position of the CFTC against anyone who asserts that these are not the type of instrument that can fall within the Commodity Exchange Act," it has no bearing on the fact that crypto-tokens can also take the form of securities and thus fall under the responsibility of the SEC.
He expressed in no uncertain terms that the law of the land presides over any code, and revealed who he thinks is responsible for in cases of illegal smart contract use.
Struggling with definitions
The CFTC is the regulatory body that oversees the commodities, futures and options markets in the US. Much like the Securities and Exchange Commission, its fellow watchdog, it is still struggling to codify a conclusive definition of exactly which cases of cryptocurrency business fall under its jurisdiction (the latter is concerned with crypto-tokens that could be defined as shares in a company).
It should be noted that Quintenz stated that his views were not necessarily those of his employer.
How should the CFTC enforce its regulations against a software code?
Beginning positively, Quintenz made it clear that he understands the usefulness of smart contracts ("almost limitless in their applicability,"), identifying a couple of examples of their use.
There are many smart contracts which would not be relevant to the CFTC at all. However, he said that where a smart contract is used to undertake an activity which is both illegal and under the jurisdiction of the CFTC, it must be policed. Quintenz gives the example of contracts used to sell financial/event prediction software which is used to make a profit.
He asked: "How should the CFTC enforce its regulations against a software code, rather than a registered intermediary or an exchange?"
Think of someone asking you to borrow the keys to your car because they want to rob a bank
The core developers of the blockchain are out. Despite the fact that they retain some measure of control over their nominally open-source creation, in his opinion it would be "unreasonable" to punish them: "They may not even be aware that this particular type of smart contract has been deployed."
This means that in the case of illegal activity, only those specifically involved with the smart contract are liable - the developers and the end users.
It would be natural for the former to pass responsibility to the latter. Quintenz, however, considers that going after the users would be an "unsatisfactory, ineffective course of action" because it may not be possible to effectively stop people from using an open code.
This leaves him with the smart contract developers. In the opinion of Quintenz, these are the people who a liable for illegal use.
"Think of someone asking you to borrow the keys to your car because they want to rob a bank. If you let them borrow your car, it would be reasonable for the government to hold you partially responsible for the ensuing criminal activity," he explained.
The question that the CFTC should ask, Quintez argued, is "whether these code developers could reasonably foresee, at the time they created the code, that it would likely be used by U.S. persons in a manner violative of CFTC regulations."
Ideally, he said that developers would engage with the CFTC to check if something is legal or not. Chairman Giancarlo set up LabCFTC in May 2017 for exactly this purpose - Quintenz said that in its first year, the department had seen 200 meetings with start-ups and relevant people.
"I would much rather pursue engagement than enforcement – but in the absence of engagement, enforcement is our only option."
Jeff Bandman. Source: LinkedIn
Jeff Bandman, Founding Director of LabCFTC and Lecturer in Global Affairs at Yale University, thinks that Quintenz' main purpose was to inspire discussion on a complex subject: "I read his speech as conducting a thought experiment in plain sight of his audience about how to apply the CFTC’s regime to a smart contract whose behavior looks a lot like a future, swap or option. He is breaking new ground."
Regarding Quintez' comments on users not being culpable, Bandman said: "The “who is responsible” question goes beyond the CFTC. It depends on what the activities are that the smart contract performs. Normally enforcement might focus on a registered business owner, but in the future decentralized world they may need to look elsewhere. It would still be necessary to meet the elements of civil or criminal liability, which ultimately a court would have to determine."
Commodity or security?
In September 2018, a federal court ruled that the watchdog can consider cryptocurrency to be a commodity for the purposes of a case that it is pursuing.
Defending lawyers had argued that the CFTC had had no authority in the case because the token in question did "not have future contracts or other derivatives trading on it, [and thus] is not a commodity.” The judge ruled, however, that it is a commodity because it could theoretically be used to support such derivatives.
Bandman said that while the ruling "bolsters the position of the CFTC against anyone who asserts that these are not the type of instrument that can fall within the Commodity Exchange Act," it has no bearing on the fact that crypto-tokens can also take the form of securities and thus fall under the responsibility of the SEC.
Schwab Aims Crypto Custody at Its $5 Trillion Advisor Channel by 2027
Featured Videos
Market Hype or Must‑Have Offering? Crypto’s Impact on Retail FX | Finance Magnates Webinar
Market Hype or Must‑Have Offering? Crypto’s Impact on Retail FX | Finance Magnates Webinar
Market Hype or Must‑Have Offering? Crypto’s Impact on Retail FX | Finance Magnates Webinar
Market Hype or Must‑Have Offering? Crypto’s Impact on Retail FX | Finance Magnates Webinar
Is crypto hype or a real opportunity for retail FX?
In this webinar, Gold-i and Finance Magnates bring together industry leaders to discuss how digital assets are reshaping the retail trading landscape.
🎙️ Featuring:
Tom Higgins, CEO, Gold-i
Niall Healy, COO, TradeNation
Norayr Djerrahian, CCO, Hantec
Topics include:
• Regulatory challenges and adoption hurdles
• Liquidity and operational risks
• The future role of crypto in retail FX
• Industry confidence in scaling crypto offerings
• Crypto products with the strongest growth potential
Watch now to hear expert perspectives on whether crypto is hype, opportunity, or an inevitable evolution of retail trading.
#Crypto #RetailFX #Forex #Trading #DigitalAssets #Fintech #Webinar #FinanceMagnates #Goldi
Is crypto hype or a real opportunity for retail FX?
In this webinar, Gold-i and Finance Magnates bring together industry leaders to discuss how digital assets are reshaping the retail trading landscape.
🎙️ Featuring:
Tom Higgins, CEO, Gold-i
Niall Healy, COO, TradeNation
Norayr Djerrahian, CCO, Hantec
Topics include:
• Regulatory challenges and adoption hurdles
• Liquidity and operational risks
• The future role of crypto in retail FX
• Industry confidence in scaling crypto offerings
• Crypto products with the strongest growth potential
Watch now to hear expert perspectives on whether crypto is hype, opportunity, or an inevitable evolution of retail trading.
#Crypto #RetailFX #Forex #Trading #DigitalAssets #Fintech #Webinar #FinanceMagnates #Goldi
Is crypto hype or a real opportunity for retail FX?
In this webinar, Gold-i and Finance Magnates bring together industry leaders to discuss how digital assets are reshaping the retail trading landscape.
🎙️ Featuring:
Tom Higgins, CEO, Gold-i
Niall Healy, COO, TradeNation
Norayr Djerrahian, CCO, Hantec
Topics include:
• Regulatory challenges and adoption hurdles
• Liquidity and operational risks
• The future role of crypto in retail FX
• Industry confidence in scaling crypto offerings
• Crypto products with the strongest growth potential
Watch now to hear expert perspectives on whether crypto is hype, opportunity, or an inevitable evolution of retail trading.
#Crypto #RetailFX #Forex #Trading #DigitalAssets #Fintech #Webinar #FinanceMagnates #Goldi
Is crypto hype or a real opportunity for retail FX?
In this webinar, Gold-i and Finance Magnates bring together industry leaders to discuss how digital assets are reshaping the retail trading landscape.
🎙️ Featuring:
Tom Higgins, CEO, Gold-i
Niall Healy, COO, TradeNation
Norayr Djerrahian, CCO, Hantec
Topics include:
• Regulatory challenges and adoption hurdles
• Liquidity and operational risks
• The future role of crypto in retail FX
• Industry confidence in scaling crypto offerings
• Crypto products with the strongest growth potential
Watch now to hear expert perspectives on whether crypto is hype, opportunity, or an inevitable evolution of retail trading.
#Crypto #RetailFX #Forex #Trading #DigitalAssets #Fintech #Webinar #FinanceMagnates #Goldi
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
Today’s Tuesday, the 9th of June 2026, and these are our main stories: eToro’s customer assets climbed back above $20 billion, Prop trading model in prediction markets, and Leverate launched a new AI assistant for brokers and traders.
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
War Stories: Lessons from 20 Years in Markets (the pain, the pitfalls and the profits)
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The trades that taught me the most aren't the ones that worked. They're the ones that didn't — or the ones I almost caught and didn't have the nerve to ride. In this session, I'll tell you about the Brexit miss, the SNB shocker that nearly handed me a 5400% return, the BoJ surprise that punched me in the gut, and a few wins along the way. Each story carries a lesson, but the lessons aren't the point. Everyone who trades long enough collects a portfolio of moments like these; what separates the people who stay in the game is what they do with them.
The Engine and the Fuel: How AI & Data Drives African Future
The Engine and the Fuel: How AI & Data Drives African Future
The Engine and the Fuel: How AI & Data Drives African Future
The Engine and the Fuel: How AI & Data Drives African Future
The Engine and the Fuel: How AI & Data Drives African Future
The Engine and the Fuel: How AI & Data Drives African Future
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
If AI is the engine, data is the fuel. Without quality, accessible data, AI cannot work well; and without the right mindset, data remains just numbers instead of insight. In this session, leading experts will explore how AI and data are democratizing opportunities for businesses and personal growth. Discover practical ways to make AI accessible today, anticipate its transformative impact on African markets, and learn actionable steps to prepare for what's next. Let's talk about:
-How AI and data drive business efficiency and innovation in trading and fintech
-AI tools to elevate trading or business strategies
-How to access and maximise the power of data and AI
-Emerging AI and data trends in Africa and their economic ripple effects
Inside My Best Trade with Jimmy Moyaha
Inside My Best Trade with Jimmy Moyaha
Inside My Best Trade with Jimmy Moyaha
Inside My Best Trade with Jimmy Moyaha
Inside My Best Trade with Jimmy Moyaha
Inside My Best Trade with Jimmy Moyaha
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one
Most market post-mortems describe what happened to prices. Few describe what happened in the trading room while the position was open: the entry conviction, the moments that tested it, and the exit decision that closed the book.
This session brings one seasoned trader to the stage for an unfiltered account of the position that still defines how they think about markets.
Attendees will walk away with:
-A first-hand account of how a conviction trade is built, from thesis and entry through position management and exit
-Understanding of what turns a market observation into a live position, and what holds it when conditions shift
-Insight into how timing, execution quality, and market structure shaped the final result
-Perspective on what the trade revealed about edge, risk tolerance, and when to hold through a position moving against you
-Clarity on what separates a well-built trade from a well-timed one