CFTC

CFTC Sues Washington Pastor for $6M Cryptocurrency Ponzi Scheme

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Francier Obando Pinillo, a pastor from Pasco, Washington, accusing him of running a fraudulent cryptocurrency Ponzi scheme worth at least $5.9 million. The complaint names Pinillo and his associated businesses, Solanofi, Solano Partners Ltd., and Solano Capital Investments, collectively known as the...
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IcomTech Execs to Pay $5M in Restitution for Defrauding Investors with False Crypto Promises

Five individuals associated with IcomTech, a cryptocurrency Ponzi scheme that defrauded investors of $8.4 million, were ordered by a federal court to pay over $5 million in restitution and penalties. The December 11 ruling by the United States District Court for the Central District of California also included prison sentences for three of the defendants....
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CFTC Could Lead Crypto Regulation Revolution as Trump Administration Reshapes Jurisdiction

After years of positioning itself as the dominant regulatory force in the digital asset space, often at odds with crypto advocates, the Securities and Exchange Commission (SEC) faces a significant shift in jurisdictional control. Amidst mounting frustration with the agency’s combative approach, the incoming Trump administration is pushing to expand the Commodity Futures Trading Commission...
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Trump’s Team in Talks With Crypto Leaders About Regulatory Adjustments: Report

President-elect Donald Trump’s team is reportedly in discussions with cryptocurrency leaders about regulatory changes that could reshape the U.S. approach to digital assets. According to sources, Trump plans to adopt a more lenient regulatory stance to fulfill his campaign promise of making the U.S. the “crypto capital of the planet.” Crypto-Friendly Appointments The Washington Post...
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Post-FTX Collapse: 16 Settlements Finalized in Two Years Indicate Heightened Regulatory Focus

FTX and its sister firm Alameda faced the largest crypto-related enforcement by US regulators, with a staggering $12.7 billion in combined settlement charges. According to CoinGecko’s findings, this amount tops the list of penalties imposed on cryptocurrency companies, highlighting the regulatory focus on the now-bankrupt exchange. Meanwhile, Binance’s $4 billion settlement is notable as the...
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Uniswap Labs Faces $175K Penalty for Leveraged Crypto Trades

The U.S. Commodity Futures Trading Commission (CFTC) has fined Uniswap Labs $175,000 for unlawfully offering leveraged and margined retail commodity transactions in digital assets. It marks the latest regulatory crackdown on the decentralized finance (DeFi) sector. Key Details of the Case In a September 4 statement addressing the matter, the agency said Uniswap facilitated illegal...
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CFTC Awards Over $1M to Whistleblower for Important Tip in Crypto Trading Case

The Commodity Futures Trading Commission (CFTC) has awarded over $1 million to a crypto whistleblower. According to an August 8 press release, the whistleblower’s information enabled the CFTC to bring an enforcement action related to improper trading in digital asset markets. Whistleblower’s Tip Uncovers Hidden Improper Trading “Identifying unlawful conduct in the digital asset marketplace...
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New York Judge Approves $12.7 Billion Settlement for FTX and Alameda to Repay Creditors

United States District Judge Peter Castel has finalized a $12.7 billion settlement, obligating the bankrupt cryptocurrency exchange FTX and its sister company Alameda Research to compensate the former’s creditors. This decision is part of a settlement with the United States Commodity Futures Trading Commission (CFTC). Judge Approves $12.7 Billion Settlement Judge Castel’s approval, filed on...
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Illinois Court Confirms That Bitcoin And Ethereum Are Both Commodities: CFTC Chair

Rostin Benham – Chairman of the Commodities and Futures Trading Commission (CFTC) – says that an Illinois court has formally ruled both Bitcoin (BTC) and Ethereum (ETH) to be commodities, all but settling the CFTC’s crypto turf war with its sister agency. “In its decision, the court re-affirmed that both Bitcoin and Ether are commodities...
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House Passes FIT21 Bill To Provide Crypto Legal Clarity With Two Thirds Majority

The U.S. House of Representatives passed legislation on Monday that will provide long-sought-after legal clarity around how crypto assets should be classified, registered, and custodied. The bill, titled the Financial Innovation and Technology for the 21st Century Act (FIT21), received near unanimous support from Republicans alongside 71 additional votes from Democrats, resulting in a final...
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75% of Litecoin (LTC) Holders Reap Profits Amidst Market Volatility

Following a tumultuous start to April, the crypto market found itself in a sea of red. As an outlier to this trend, Litecoin stood out among the top 100 assets as it shows bullish movement, owing partly to its classification as a commodity by the Commodity Futures Trading Commission (CFTC). Litecoin – formerly part of...
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US Lawmakers Urge Treasury Secretary to ‘Fill Gaps’ in Crypto Regulations, Call for CFTC Oversight 

On Feb. 6, House Financial Services and Agriculture Committee leaders sent a letter to Treasury Secretary Janet Yellen regarding the lack of regulation in the spot market for digital assets that are not securities. The letter was sent from Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson, all chairmen of various House committees. They...
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CFTC Report Reveals DeFi’s Achilles’ Heel: Lack of Accountability

In its recent report, the Commodity Futures Trading Commission (CFTC) underscored a fundamental issue within DeFi systems, pointing to the absence of clear lines of responsibility and accountability intentionally overlooked by certain industry structures. The report emphasized the substantial risks that DeFi systems pose to consumers, investors, financial stability, market integrity, and the fight against...
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Crypto Regulatory Discord: CFTC and SEC Clash Over Jurisdiction in US

With the United States struggling to bring about regulatory clarity for the crypto space, the ongoing discord between two pivotal watchdogs sparks concerns about potential implications. The head of the Commodities Futures Trading Commission (CFTC), Rostin Behnam, has once again indicated that most crypto assets are considered commodities according to existing laws. He also acknowledged...
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US CFTC Cracks Down on Crypto Exchanges Violating Trading Laws

Following the conclusion of the extensive investigation and pursuit of cryptocurrency exchange giant Binance, reports suggest that the U.S. Commodity Futures Trading Commission (CFTC) now intends to pursue other platforms that violate trading laws. Despite experiencing a significant unforeseen event, the cryptocurrency industry has effectively mitigated the impact and is now observing signs of price...
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Former SEC General Counsel Denies Regulatory Discord Between Agency and CFTC in Crypto Oversight

The United States has persistently stumbled in delivering clear regulatory guidance for digital assets. The Securities and Exchange Commission (SEC) presides over instruments and assets deemed as securities, while the Commodity Futures Trading Commission (CFTC) regulates the trading of derivatives on commodities. This landscape leaves a regulatory gap for digital assets that defy the categorization...
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Opyn Co-Founders Step Down Amid Regulatory Pressures

The co-founders of Opyn, a prominent DeFi options protocol, have announced their departure from the company and the crypto industry. This decision comes in the wake of charges filed against Opyn by the Commodity Futures Trading Commission (CFTC) in September. Opyn’s Co-founders Announce Departure from Crypto Opyn co-founders CEO Zubin Koticha and Alexis Gauba recently...
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Crypto Is Back in a Bull Market – But Not in The Way You Think

Crypto returned to the limelight of financial markets in 2023 – but for a reason less flattering than skyrocketing crypto prices. A new report from the Commodities and Futures Trading Commission (CFTC) shows that crypto-related charges accounted for over half of the agency’s total enforcement actions this year. Cracking Down on Crypto In its 2023...
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US CFTC Files Lawsuit Against Former Voyager Digital CEO for Alleged Fraud

The United States Commodity Futures Trading Commission (CFTC) filed a complaint against former CEO of Voyager Digital, Stephen Ehrlich, alleging that the ex-chief committed fraud and failed to register the bankrupt crypto lender with the agency. In a related development, another US regulatory body, the Federal Trade Commission (FTC), announced that it reached a settlement...
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CFTC Targets Mosaic Exchange Limited in Alleged Crypto Fraud Case

The US commodities regulator has targeted yet another crypto exchange for allegedly running a “fraudulent” digital asset commodity scheme, The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the US District Court for the Southern District of Florida against Pennsylvania-headquartered Mosaic Exchange Limited, along with its owner and Chief Executive Officer Sean...
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DeFi Should Be Off-Limits For CFTC, Says Coinbase CEO

Coinbase, one of the world leaders in crypto services, is currently battling accusations of improper conduct in U.S. courts. The platform’s legal representatives have denied any wrongdoing, even going so far as to request the dismissal of the case. In spite of the accusations, Coinbase – and the platform’s CEO, Brian Armstrong – are generally...
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CFTC’s Enforcement Blitz on DeFi Protocols Attracts Backlash

The Commodity Futures Trading Commission (CFTC) announced that it had initiated and successfully settled legal actions against the Opyn, ZeroEx, and Deridex platforms. The three decentralized finance protocols allegedly failed to register various derivatives trading offerings. As stated in the official press release, Deridex and Opyn faced allegations of not registering as a swap execution...
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CFTC is Doing SEC’s Real Job on Crypto According to XRP Decision

The U.S. Securities and Exchange Commission is leaving securities enforcement up to the CFTC when it comes to cryptocurrency. While the commission rushes ahead of Congress to write the entire federal crypto policy by lawsuit, the CFTC is going for more clear-cut violations. The Commodity Futures Trading Commission took the lead late last week and...
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4 People Charged for Allgedly Defrauding Investors in Crypto and Precious Metal Scam

The US Commodity Futures Trading Commission said earlier this week that it had filed a complaint against four individuals and their unincorporated entity for operating a fraudulent project involving precious metals and digital assets. The alleged scam had over 14,000 customers at one point. The complaint was filed in the US District Court for the...
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Tennessee Couple Faces CFTC Charges for ‘Blessings of God Thru Crypto’ Scheme

A Tennessee couple was charged for operating a $6 million digital assets commodity pool scheme by the Commodity Futures Trading Commission (CFTC) this week. The United States derivatives market regulator charged the owners of a Clarksville real estate company, Michael and Amanda Griffis, for allegedly defrauding more than 100 people across the country. The couple...
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Binance Officially Files for Dismissal of CFTC’s Case

Several days ago, Binance’s legal team announced they will be pursuing the dismissal of the CFTC’s court case against them, mirroring similar actions by Coinbase and Bittrex. Binance’s hefty plea has now been filed and is largely based on refutations of the CFTC’s jurisdiction since neither the exchange nor its CEO reside or are headquartered...
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Binance and CZ Will Pursue CFTC Case Dismissal

Binance’s legal team filed a motion in an Illinois district court yesterday evening, notifying the judge presiding over the case that two separate requests to dismiss charges against Binance and CZ will be served on the 27th of July. Joint Motion, Along With One for Former Compliance Officer Although a single joint motion will be...
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Celsius and Former CEO Alex Mashinsky Violated US Law, Says CFTC Spokesman

Three days after Celsius imploded on the 13th of July 2022, the CFTC, swiftly followed by the SEC, launched separate investigations into the crypto platform’s business practices. The company was also investigated – and in some cases sued – separately by local authorities in Vermont, New York, and elsewhere. I’m suing the former CEO of...
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CFTC Sues 5 Individuals for Bitcoin Trading Services Fraud

The Commodities Futures Trading Commission (CFTC) has sued five individuals for falsely promoting bitcoin and crypto trading services, thereby swindling unsuspecting investors. The defendants in the case, according to the CFTC, mainly targeted Spanish-speaking users. Majority of Victims Were From Spanish-speaking Communities The CFTC alleged that five people — David Carmona, Juan Arellano Para, Moses...
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Clear as Mud: CFTC Chair Says Cryptos Are Commodities, Former Commissioner Says They Can be Both

Speaking on the Unchained podcast on May 23, Dan Berkowitz muddied the regulatory waters even further by stating that crypto assets can be both commodities and securities. The notion goes against the opinion of Securities and Exchange Commission Chair Gary Gensler who asserts they are all securities with investment contracts. Referring to Ethereum, he said...
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