CFTC Report Reveals DeFi’s Achilles’ Heel: Lack of Accountability
CFTC had previously said it would "aggressively" pursue DeFi entities that operate unregistered platforms serving individuals in the United States.
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
Crypto Regulatory Discord: CFTC and SEC Clash Over Jurisdiction in US
The US crypto landscape remains in limbo as the ongoing "turf war" over jurisdiction between the CFTC and SEC persists.
US CFTC Cracks Down on Crypto Exchanges Violating Trading Laws
The CFTC to aggressively pursue non-compliant crypto exchanges, bans VPN use, and extends reach beyond U.S. borders.
Former SEC General Counsel Denies Regulatory Discord Between Agency and CFTC in Crypto Oversight
Experts believe that rushing legislation to fill the digital asset regulatory gap could backfire.
Opyn Co-Founders Step Down Amid Regulatory Pressures
Opyn experiences a significant shift in leadership as Andrew Leone assumes the role of CEO amidst CTFC action.
Crypto Is Back in a Bull Market – But Not in The Way You Think
While Bitcoin’s price is indeed back on the rise, so are the number of legal attacks on crypto firms by
US CFTC Files Lawsuit Against Former Voyager Digital CEO for Alleged Fraud
The CFTC and the FTC are accusing Stephen Ehrlich and Voyager Digital of making false claims and promises to deceive
CFTC Targets Mosaic Exchange Limited in Alleged Crypto Fraud Case
CFTC Commissioner calls Mosaic exchange scheme a 'sham' and 'virtual house of cards.'
DeFi Should Be Off-Limits For CFTC, Says Coinbase CEO
Brian Armstrong recently took to X to share his opinion on legal enforcement in the DeFi space.
CFTC’s Enforcement Blitz on DeFi Protocols Attracts Backlash
CFTC's Ian McGinley warned that the agency will continue to evolve with DeFi and "aggressively" pursue entities operating unregistered platforms
