2 See David Mills, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev, Timothy  Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria Baird, “Distributed Ledger Technology in Payments, Clearing, and Settlement (PDF),” Finance and Economics Discussion Series 2016–095 (Washington: Board of Governors of the Federal Reserve System, 2016).
3 For example, the Commodity Futures Trading Commission published a statement on digital currencies making  clear that many fall into the category of commodities under the Commodity Exchange Act (www.cftc.gov/PressRoom/PressReleases/pr7231–15). The Securities and Exchange Commission has published guidance on the treatment of digital currencies under the Securities Exchange Act (www.sec.gov/news/press-release/2017–131).