Trump’s Team in Talks With Crypto Leaders About Regulatory Adjustments: Report
The administration is looking at several crypto-friendly candidates to fill important positions in various financial regulatory agencies.
CFTC News and Updates
The US Commodity Futures Trading Commission (CFTC) is an independent federal agency that was established back in 1974 by the Commodity Futures Trading Commission Act. It regulates the commodity futures, as well as the options market. The goal is to protect investors against market manipulation, fraud, and abusive trade practices, while also promoting competitive and efficient trading.
There has been a serious debate regarding the nature of cryptocurrencies and whether or not they can be classified as commodities or securities, or even currencies, in general. Bitcoin, for example, was deemed a commodity by the CFTC back in 2015. Hence, those who operate with it would have to abide by the regulations set forth toward commodities.
In December 2019, the Chairman of the CFTC also said that Ether (ETH) is a commodity and, as such, falls within the jurisdiction of the CFTC.
Regarding other cryptocurrencies, it depends on their structure, intended use, and designation. As such, some of them may be considered securities and to fall within the department of the Securities and Exchange Commission (SEC), which posts a whole different set of rules.
Recent CFTC News
Post-FTX Collapse: 16 Settlements Finalized in Two Years Indicate Heightened Regulatory Focus
The fallout from FTX's collapse resulted in numerous lawsuits and settlements, as per CoinGecko.
Uniswap Labs Faces $175K Penalty for Leveraged Crypto Trades
Uniswap has also been required to halt the illegal offerings and will ensure compliance with the Commodity Exchange Act moving
CFTC Awards Over $1M to Whistleblower for Important Tip in Crypto Trading Case
The CFTC whistleblower program has awarded $380 million since 2014, leading to nearly $3.2 billion in monetary sanctions.
New York Judge Approves $12.7 Billion Settlement for FTX and Alameda to Repay Creditors
Judge Castel approved a $12.7 billion settlement, ending the CFTC's 20-month lawsuit against FTX and Alameda.
FTX and US CFTC Reach $12.7 Billion Settlement: Details
CFTC did not pursue a civil monetary penalty, allowing the full $12.7 billion to be allocated for repaying FTX's creditors.
Illinois Court Confirms That Bitcoin And Ethereum Are Both Commodities: CFTC Chair
A U.S. court decision last week found that both Bitcoin and Ethereum are commodities under jurisdiction of the CFTC.
House Passes FIT21 Bill To Provide Crypto Legal Clarity With Two Thirds Majority
The bill’s proponents intend to end the SEC’s “regulation by enforcement” approach to the crypto industry.
75% of Litecoin (LTC) Holders Reap Profits Amidst Market Volatility
Litecoin appears to be bucking the trend amidst turmoil in the broader crypto market.
US Lawmakers Urge Treasury Secretary to ‘Fill Gaps’ in Crypto Regulations, Call for CFTC Oversight
Policymakers in the United States are growing weary over the lack of clarity from regulators on crypto assets.
