Tagged: cftc

August 29, 2018 @ 5:43 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has two new Commissioners following the Senate confirmation of Dawn Stump and Dan Berkovitz. The addition of Stump and Berkovitz means the Commission is fully staffed joining Brian Quintenz, Rostin Behnam and Chair J. Christopher Giancarlo. Until recently, Berkovitz was a… Read More

August 28, 2018 @ 9:15 pm By JD Alois  |  

Last week, the Virtual Commodity Association (VCA) officially launched and quickly scheduled a meeting for September. The inaugural members included several well-known names in the virtual currency sector. Bittrex, Bitstamp, bitFlyer USA and Gemini Trust Company were announced as founding members. At the same time, Maria… Read More

August 24, 2018 @ 9:13 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has won a big victory in a trial against Patrick K. McDonnell and CabbageTech Crop – a company that was doing business as Coin Drop Markets. McDonnel, and his company, was assessed penalties and restitution of over $1.1 million as… Read More

July 26, 2018 @ 5:30 pm By JD Alois  |  

Yesterday, J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (CFTC), spent some time on Capitol Hill testifying in front of the House Committee on Agriculture. While Giancarlo’s prepared remarks, and ensuing comments driven by questions from the Committee, covered a wide range of… Read More

July 23, 2018 @ 12:19 pm By JD Alois  |  

In early 2018, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Eastern District of New York against Dillon Michael Dean of Longmont, Colorado and his company, The Entrepreneurs Headquarters Limited. The UK registered firm and Dean have… Read More

July 16, 2018 @ 5:19 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has issued their fourth warning on consumers purchasing cryptocurrency. The “Customer Advisory told investors to use caution and to extensive research prior to purchasing virtual coins or tokens – including “self described utility coins or consumption coins.” Erica Elliott… Read More

June 10, 2018 @ 6:31 pm By Cali Haan  |  

As part of a probe examining possible manipulation in Bitcoin markets, the regulator responsible for overseeing futures and commodity trading in the US has subpoenaed four American cryptocurrency exchanges to produce volumes of trade data, WSJ reported Friday June 8th. Top cryptocurrencies have since turned red as this… Read More

June 5, 2018 @ 5:57 pm By JD Alois  |  

U.S. Commodity Futures Trading Commission (CFTC) Chair J. Christopher Giancarlo testified before a Senate subcommittee today to review the Fiscal Year 2019 funding requests and budget justifications for the CFTC, alongside U.S. Securities and Exchange Commission Chair Jay Clayton. Giancarlo requested a “modest increase” in… Read More

June 4, 2018 @ 4:52 pm By JD Alois  |  

CFTC Chair J. Christopher Giancarlo and SEC Chair Jay Clayton will be visiting Capitol Hill together once again to testify before a Senate Subcommittee. This time, Clayton and Giancarlo will be testifying before the Senate Committee On Appropriations Subcommittee on Budget Requests, tomorrow (June 5, 2018)… Read More

June 4, 2018 @ 6:47 am By Shaswat K. Das and Richard S. Garabedian  |  

Over the past few years, continued advancements in the payments industry and financial services technology have significantly expanded the way money financial transactions are processed and managed.  Banks and payment and technology firms are accelerating efforts to innovate and adapt financial services alternatives to meet… Read More

May 26, 2018 @ 3:03 pm By JD Alois  |  

Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has schedule an open meeting on Monday, June 4, 2018 at 9:30AM. According to a release, the following items will be discussed: Final Rule: Indemnification (Amendments to the Swap Data Access Provisions of Part 49 and… Read More

May 22, 2018 @ 10:47 pm By JD Alois  |  

On the same day the North American Securities Administrators Assocation (NASAA) announced “Operation Cryptosweep” – a coordinated enforcement action targeting fraudulent initial coin offerings (ICOs), Commodity Futures Trading Commission (CFTC) Chair J. Christopher Giancarlo delivered a speech to NASAA members. Within his prepared remarks, Giancarlo stated;… Read More

May 22, 2018 @ 8:07 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has issued an Advisory pertaining to “virtual currencies” and “derivative product listings.” The CFTC staff states: “Commodity Futures Trading Commission (“CFTC” or “Commission”) staff believes it is important to encourage innovation and growth in these products, but within an… Read More

May 21, 2018 @ 10:24 am By Cali Haan  |  

Last Friday, the Commodity Futures Trading Commission argued in a Boston courtroom that cryptocurrencies are tradable commodities that can be regulated under CFTC purview. The argument comes after lawyers for Randall Crater and Mark Gillespie of My Big Coin Inc. attempted to have fraud charges… Read More

May 16, 2018 @ 12:00 pm By Cali Haan  |  

Representatives from the three bodies policing securities in the US and the Chief Strategy Officer from the Bittrex cryptocurrency exchange spoke on an “Enforcement” panel May 15 at the Consensus conference in New York. Citing an “open door” policy, the regulators- James McDonald, Director of… Read More

May 12, 2018 @ 10:08 am By JD Alois  |  

Last week, SEC Commissioner Hester Peirce delivered a powerful speech that shared her views on the mission of regulators broadly, and cryptocurrency innovation specifically. The speech has been widely lauded in the crypto space as it has been viewed as supportive of the potential for… Read More

May 7, 2018 @ 10:01 am By JD Alois  |  

Speaking in Berlin this week, Commodity Futures Trading Commission Chair J. Christoper Giancarlo addressed the Association of German Banks. His theme was the pressing need for regulatory harmonization. Today, across developed markets, varying financial regulations adds a significant cost to the financial services industry. Same… Read More

May 4, 2018 @ 1:24 pm By JD Alois  |  

Commodity Futures and Trading Commission (CFTC) Commissioner Brian Quintenz commented on cryptocurrency enforcement actions this week. During a speech delivered to the FIA’s 40th Annual Law and Compliance Conference, Quintenz noted that the CFTC Crypto task force is coordinating with their counterparts at the Securities… Read More

May 2, 2018 @ 10:50 am By JD Alois  |  

According to a WSJ report, regulators are engaged in a debate as to whether Ether and other cryptocurrencies are in fact securities. While Bitcoin has been more clearly defined as a commodity, the rest broader universe of cryptocurrencies remain in limbo. The advent of Ethereum… Read More

April 27, 2018 @ 4:14 pm By JD Alois  |  

In a speech delivered this week at the Eurofi Summit, Commissioner Brian Quintenz, of the Commodity Futures Trading Commission (CFTC), addressed the topic of cryptocurrencies and digital tokens. Specifically, Quintez posed the question as to what should the proper role of a regulator be in… Read More