Tagged: cftc

ATM Coin Issuer Hit with CFTC Enforcement Action Alleging Fraud

The Commodity Futures Trading Commission (CFTC) has fired off another enforcement action against a questionable cryptocurrency operation. The CFTC has charged multiple individuals, and several companies, with fraud involving ATM Coin (asset trading market coin) and binary options. The CFTC filed the Complaint in the… Read More

CFTC Chair Giancarlo Comments on Crypto Fame, Importance of Principles Based Regulatory Approach for Digital Currencies

Speaking at Vanderbilt University Law School this past week, Commodities Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo made some interesting comments. Giancarlo, a Commodore Alum, spoke about the digitization of finance (Fintech) and the subject of virtual currencies. Giancarlo reflected on time spent with… Read More

My Big Coin Tells Court Tokens aren’t Regulated by CFTC Because they are Not Commodities

My Big Coin (MBC) was hit with an enforcement action by the Commodity Futures Trading Commission (CFTC) back in January of this year. The CFTC alleged, among other things, that MBC’s initial coin offering represented to investors as being actively traded on cryptocurrency exchanges when in fact… Read More

Here is the CFTC Document Outlining the Whistleblower Plan for ICO Pump & Dump Scams

The Commodity Futures Trading Commission (CFTC) has a Whistleblower program in place regarding pump and dump schemes for virtual currencies and digital tokens. Virtual currencies would line up with Bitcoin, Ethereum etc. while digital tokens are from the thousands of initial coin offerings that blur… Read More

Initial Coin Offering Attorneys Beware, You Could Be Next!

Following the SEC’s recent initial subpoena offerings (pun intended) targeting initial coin offering (ICO) issuers, many believe the SEC might now turn its sights toward some of the gatekeepers involved in the subject ICOs, including the attorneys. Some attorneys practicing in the ICO space have… Read More

CFTC Gets Preliminary Order in Case Against CabbageTech / Coin Drop Markets for Fraud Regarding Trading Bitcoin & Other Virtual Currencies

CFTC States Until Congress Clarifies  Crypto, the Commission will Consider it Not Legal Tender & Continue to Treat as a Commodity. The Commodity Futures Trading Commission (CFTC) has received a preliminary injunction order agains CabbageTech, DBA Coin Drop Markets, and Patrick McDonnell. The CFTC complaint… Read More

Here is the CFTC Memo that Says it is OK for Staff to Own Bitcoin & Other Cryptocurrency – but be Careful

Last month, the Commodity Futures Trading Commission (CFTC) posted a memo to all staff providing guidance regarding holding and transactions using cryptocurrencies, including Bitcoin. In brief, the memo from Daniel Davis, General Counsel of the CFTC, said it was ok to invest in crypto –… Read More

Understanding the CFTC’s Proposed Interpretation of “Actual Delivery” for Cryptocurrency Retail Commodity Transactions

The recent and rapid proliferation of cryptocurrency¹ transactions involving retail or “Main Street” customers has left some — including many cryptocurrency platforms serving retail customers — grappling conceptually with the answer to a fundamental question: what constitutes “actual delivery” of cryptocurrency in the eyes of the… Read More

US CFTC Furthers its Innovation Credibility by Signing Agreement with UK FCA to Boost Fintech Development

The UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) have signed a formal agreement that commits the two regulatory agencies to work together to support Fintech. This is the first such agreement for the CFTC and just one of many… Read More

Cryptocurrency Market Structure: Crypto-Assets Represent a Truly Global Asset Class

Last week on Valentines Day, the Commodity Futures Trading Commission (CFTC) held a meeting of the Technology Advisory Committee (TAC). There were several interesting presentations and good discussions regarding the emerging cryptocurrency market. One of the discussions was by Richard Gorelick, Head of Market Structure… Read More

Pump & Dump Digital Currency: Commodity Futures Trading Commission Warns Investors to Watch Out for These Scams

The Commodity Futures Trading Commission (CFTC) has issued a warning to consumers to beware of pump and dump scams that have become somewhat prevalent in initial coin offerings and digital currencies in general. The CFTC says it has received complaints from customers who have lost… Read More

CFTC Technology Advisory Committee Meets Today, Topics Include Cryptocurrency, Blockchain & More

The Commodity Futures Trading Commission (CFTC) will hold a meeting of the Technology Advisory Committee (TAC) today at the CFTC’s headquarters in Washington, DC. The meeting is open to the public but you have the option to dial in or live-stream the meeting on the CFTC… Read More

A Tale of Two Cities: SEC & CFTC Heads Testify Before the Senate Banking Committee

Truly, it was a tale of two cities. On February 6, 2018, the U.S. Senate Banking Committee held a hearing on the oversight role of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in respect of virtual currencies like Bitcoin… Read More

This is the One to Watch: Senate Banking Committee to Hold Hearing on Virtual Currencies. SEC Chair Jay Clayton and CFTC Chair J. Christopher Giancarlo to Testify

The Senate Committee on Banking, Housing and Urban Affairs will be holding a hearing on cryptocurrencies this Tuesday. Entitled, Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission, this will be a Hearing to watch as both… Read More

ICO Industry Adjusts as SEC & CFTC Warn Both Issuers & Advisors Including Attorneys Engaged Token Offerings

  This past week both the Securities and Exchange Commission and the Commodity Futures Trading Commission came out with strong statements warning the exuberant initial coin offering industry (ICO) that regulators will no longer tolerate the flouting of existing securities law. ICOs have increased rapidly… Read More

CFTC Chairman J. Christopher Giancarlo & SEC Chairman Jay Clayton Join in OpEd on Cryptocurrency & Regulatory Enforcement

In another obvious sign that the federal government is ramping up enforcement actions against initial coin offerings that do not file for an appropriate securities exemption or commit other illegal acts such as fraud, CFTC Chairman J. Christopher Giancarlo and SEC Chairman Jay Clayton jointly published… Read More

CFTC Market Risk Advisory Committee Meets Next Week. Will the Committee Discuss Cryptocurrencies?

The US Commodity Futures Trading Commission (CFTC) has scheduled a meeting of the Market Risk Advisory Committee (MRAC) for January 31st. The meeting, which is open to the public, will be held at the CFTC HQ in Washington, DC. If you are interested you can… Read More

My Big Coin Ends Up Being My Big Con as CFTC Files Fraud Charges Against Randall Crater, Mark Gillespie and Ongoing ICO

The Commodity Futures Trading Commission (CFTC) has shut down another initial coin offering with allegations of fraud. The ICO unfortunately named My Big Coin (MBC) ends up becoming My Big Con as the enforcement action has charged defendants Randall Crater of East Hampton, New York, Mark Gillespie of Hartland,… Read More

SEC and CFTC Issue Joint Statement on Cryptocurrency Enforcement Actions

Following the announcement by the Commodity Futures Trading Commission (CFTC) that it had undertaken two enforcement actions against Bitcoin / virtual currency related fraud, the Securities and Exchange Commission (SEC) and CFTC issued a joint statement from SEC co-enforcement Directors Stephanie Avakian and Steven Peikin… Read More

Happy Friday: CFTC Files Second Cryptocurrency Enforcement Action Against CabbageTech, DBA Coin Drop Markets

The CFTC Division of Enforcement Virtual Currency Task Force has been rather busy. Today, the Commodity Futures Trading Commission, has shared two enforcement actions filed against Bitcoin / Cryptocurrency related fraud cases. The first was against the Entrepreneurs Headquarters Limited, the second was filed against Defendants Patrick… Read More