Tagged: cftc

CFTC Issues Staff Letter on Virtual Currencies and Futures

The Commodity Futures Trading Commission (CFTC), Division of Swap Dealer and Intermediary Oversight (DSIO) has issued an advisory to futures commission merchants (FCMs) regarding the holding of virtual currency in segregated accounts. The advisory, in the form of a Staff Letter, provides guidance to FCMs… Read More

tZERO Chief Legal Officer on Crypto Enforcement Actions: “Cowboy innovation is worse than no innovation at all”

Last week, the US Department of Justice published a white paper, crafted by the Cyber-Digital Task Force, that outlines its approach to enforcement when it comes to digital assets (or cryptoassets). US Attorney General William Barr issued the following statement on the framework: “Cryptocurrency is… Read More

LabCFTC Schedules Empower Innovation Event for October

Coinciding with DC Fintech Week (DCFW), LabCFTC, the innovation branch of the US Commodities Futures Trading Commission (CFTC), will host an event on October 21, 2020, entitled, “Empower Innovation 2020.” According to the CFTC, This is the second of three interactive virtual events hosted by… Read More

CFTC Action Will Have Big Impact on Crypto Exchanges: Attorney Warns Crypto Exchanges that Regulator is Not Afraid to Pursue Big Market Participants

Last week, BitMEX (Bitcoin Mercantile Exchange), a top crypto/crypto-derivatives exchange that is operated by HDR Global Trading Limited, a Republic of Seychelles incorporated entity, was hit with a civil enforcement action emanating from the Commodity Futures Trading Future Commission (CFTC). Simultaneously, a criminal lawsuit by… Read More

CFTC: Consent Order Seeks $7.4 Million Restitution from Pennsylvania Man Regarding Non Purchase of Bitcoin for Several Investors

The Commodity Futures Trading Commission (CFTC) said that the U.S. District Court for the Southern District of New York has entered a consent order against Jon Barry Thompson of Easton, Pennsylvania, imposing injunctive relief and restitution of approximately $7.4 million. In a parallel action, the… Read More

BitMEX Hit by CFTC Enforcement Action for Illegal Crypto Derivatives Trading, AML Violations; Criminal Action Unsealed Simultaneously

BitMEX, a top cryptocurrency exchange that is big in the crypto derivatives sector, is the target of an enforcement action filed by the Commodity Futures Trading Commission (CFTC). According to the CFTC, a civil enforcement action has been filed in the U.S. District Court for… Read More

CFTC Charges Four Individuals with Fraud Pertaining to Digital Assets

The Commodity Futures Trading Commission (CFTC) has filed charges against four individuals pertaining to “fraudulently soliciting funds from customers to speculate in Bitcoin price movements.” Filed in the U.S. District Court for the Southern District of Texas, the CFTC alleges that Texas residents Mayco Alexis Maldonado… Read More

LedgerX Approved to Clear Futures and Options

The Commodity Futures Trading Commission (CFTC) has approved an Amended Order of Registration for LedgerX, LLC to clear additional products, subject to the terms and conditions specified in the order, as a derivatives clearing organization under the Commodity Exchange Act. LedgerX previously was approved to… Read More

SEC and CFTC Charge Abra for Sale of Unregistered Digital Asset Swaps to Retail Investors

In simultaneous announcements, the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have charged Plutus Financial, Inc.,  doing business as Abra in California, and Plutus Technologies Philippines Corp. dba as Abra International in the Philippines for entering into illegal off-exchange swaps in… Read More

CFTC Schedules Fintech Event “Empower Innovation 2020”

The Commodity Futures Trading Commission (CFTC) has announced a series of Fintech focused virtual events to take place later this fall. Hosted by the CFTC’s innovation section, LabCFTC, “Empower Innovation 2020” will be a series of virtual events in place of a “Fintech Forward” conference… Read More

Digital Dollar Team: COVID-19 Socio-economic Crisis Is a “Call to Action” for Fintech to Address “Persistent Deficiencies” in Money Distribution

The developers of the Digital Dollar project have published a detailed whitepaper that outlines the steps required for the US to issue its own virtual currency. As confirmed in the paper, the Digital Dollar Project is being developed with the assistance of the Digital Dollar… Read More

CFTC Files Charges in $20 Million Digital Asset & Binary Option Scam

The Commodity Futures Trading Commission (CFTC) has filed charges against Daniel Fingerhut, Tal Valariola and Itay Barak and companies they controlled pertaining to digital asset and binary options fraud allegations. The scam allegedly generated over $20 million in commissions for the perpetrators. Fingerhut is said… Read More

Commissioner Brian Quintenz, Sponsor of CFTC’s Technology Advisory Committee, to Depart at End of Term

The Commodity Futures Trading Commission (CFTC) has announced that Commissioner Brian Quintenz will depart the agency at the end of his term. Quintenz will have completed a 5-year stint at the Commission. Quintenz issued a statement on his decision to exit the CFTC stating that… Read More

Digital Asset Exchange Bitnomial Receives Approval to Offer Bitcoin (BTC) Futures and Options Contracts

Digital asset exchange Bitnomial has been approved to offer Bitcoin (BTC) futures and options contracts. Established in 2015, Bitnomial acquired $7.5 million in capital through an equity raise that was finalized in December of last year. On April 20, 2020, the exchange operator confirmed that… Read More

Fintech Investment Group and Compcoin are Targets of CFTC Enforcement Action for Alleged Digital Asset Fraud

The Commodity Futures Trading Commission (CFTC) has filed fraud charges against Alan Friedland and his companies, Fintech Investment Group, Inc. and Compcoin LLC. The CFTC claims that Friedland and his Florida based firms fraudulently solicited over $1.6 million in connection with a leveraged or margined… Read More

CFTC Announces Final Guidance on Delivery of Digital Assets

The Commodity Futures Trading Commission (CFTC) has “unanimously” approved final interpretive guidance concerning retail commodity transactions involving certain digital assets. Specifically, the guidance clarifies the CFTC’s views regarding the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) in the context of… Read More

Commodity Futures Trading Commission Posts Coronavirus Info Page

The Commodity Futures Trading Commission (CFTC) has posted a page dedicated to the Coronavirus, or COVID-19, outlining actions the Commission has taken to mitigate the pandemic driven shock. The “dedicated website” highlights a slew of temporary relief letters the CFTC has published during this challenging… Read More

CFTC Designates Small Exchange as a Contract Market

The Commodity Futures Trading Commission (CFTC) has issued an Order of Designation to Small Exchange, Inc., located in Chicago, Ill., granting it status as a designated contract market (DCM), effective today. Small Exchange is incorporated under Delaware state law. The Small Exchange seeks to make… Read More

CBDC: Former CFTC Chairman Christopher Giancarlo Says US Fed Must Issue a Digital Currency

Christopher Giancarlo, former chairman at the US Commodity Futures Trading Commission (CFTC), recently stated that it may be time for the US Federal Reserve to introduce a digital currency. Giancarlo, whose comments came during Yahoo Finance’s On the Move show on February 21, said that… Read More

Breonna Clark Charged by CFTC for Alleged Fraud Regarding Digital Assets including $400,000 for Personal Expenses and Ponzi-type payments

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the U.S. District Court for the District of Colorado against Breonna Clark, of Denver, Colorado, and Venture Capital Investments Ltd., a Colorado limited liability company, charging them with fraud and failing to… Read More

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