CFTC

Two of America’s top financial regulators may not see eye-to-eye on Ether’s legal status.  Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – reiterated on Monday that he views the asset as a commodity. However, he claims Securities and Exchange Commission (SEC) chairman Gary Gensler may think otherwise. Ether: Commodity or Security? The debate surrounding Ether will ultimately determine which agency has regulatory jurisdiction over the asset. Benham’s position aligns with what would give his agency…

The Commodities Futures Trading Commission has filed a suit against Adam Todd, the founder of crypto futures exchange Digitex. According to court documents, the commission alleges that Digitex has been operating as an illegal trading platform.  Digitex in Violation of Commodity Exchange Act The CFTC filed its complaint on Friday, September 30 in the Southern District of Florida. In their complaint, the agency noted that Todd and Digitex by extension are in violation of the Commodity Exchange Act (CEA). This…

Christie Goldsmith Romero of the Commodities and Futures Trading Commission (CFTC) called for urgent regulation of crypto markets on Tuesday. Her previous experience at the SEC and Treasury leads her to believe that crypto today shares some similarities to 2008. Comparing Crises During an interview with Axios, the commissioner noted that crypto’s first similarity to 2008 is its large, unregulated market. The crash 14 years ago was prominent by “shadow banks” – institutions that operated like banks, but without traditional…

Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – is happy with the landmark crypto regulation bill that went public on Tuesday. He said he’s happy with the regulatory guardrails the bill provides and agrees with the designation of Bitcoin and Ethereum as commodities. Long-Awaited Legislation In conversation with Washington Post Live on Wednesday, Benham said he was “thrilled” by yesterday’s Responsible Financial Innovation Act. He showed excitement over the steps taken to concretely regulate digital…

The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Gemini Trust Company LLC. The regulator alleges that the New York-based crypto exchange was deceptive in responding to questions regarding a BTC-backed futures contract.  At present, the CFTC is asking for monetary penalties against the exchange, and other punitive measures, which include stopping Gemini from trading commodities. The CFTC's Complaints The crypto trading firm and its staff, headed by billionaire twins Cameron and Tyler Winklevoss, are currently under fire.…

Rostin Behnam – chairman of the Commodities and Futures Trading Commission – is not happy with Bitcoin’s current levels of energy consumption. He believes regulators should establish incentives to push the network towards a proof of stake (POS) consensus model. Not Worth the Energy, says Benham Speaking at POLITICO’s Sustainability Summit, Benham claimed that Bitcoin’s energy consumption doesn’t match its economic output. “That may rebalance over time, but right now it’s clearly skewed,” he said. Most of Bitcoin’s energy consumption…

Tether was hit with more legal repercussions amid rising concerns about its fiat currency backing. The stablecoin issuer is set to pay $41 million as settlement for allegations that it lied about its reserves. In the same case, Bitfinex received an accompanying charge. The CFTC Strikes against Tether and Bitfinex The news dropped this Friday when the Commodity and Futures Trading Commission (CFTC) issued a press release on the matter. Earlier in the day, the agency settled charges against Tether,…

The United States government is trying to set an excellent regulatory policy for crypto. The Securities and Exchange Commission (SEC) will play a significant part in that effort. Now, the agency is getting some help in its endeavors. This week, the SEC confirmed hiring Dan Berkovitz as its general counsel. Berkovitz is currently a commissioner at the Commodity Futures Trading Commission (CFTC). He has held that position since 2018, so he has solid experience. Interestingly, Berkovitz's tenure at the CFTC lasts until…

When it comes to cryptocurrencies, insider trading does not go without mention. The subject has been a hot topic in the crypto space to the extent of media outlets. In addition, cryptocurrency exchanges such as Coinbase have also faced lawsuits due to allegations of insider trading. Over the years, the government has not set measures against organizations that take part. But, the CFTC's current enforcement practices encompass cryptocurrencies. The regulation will be the same as that applied to securities by the SEC. This article…