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CFTC Crackdown: Three DeFi Platforms Face Enforcement Actions

On September 7, 2023, the Commodity Futures Trading Commission (CFTC) simultaneously filed and settled charges against three decentralized finance (DeFi) platforms, signaling a significant step toward CFTC regulatory...more

Inside Out: Is a Recent Crypto Asset Insider Trading Case a Prelude to More SEC Enforcement Actions?

On July 21, 2022, the US Securities and Exchange Commission (SEC) filed a civil enforcement action alleging that from at least June 2021 to April 2022, the three named defendants orchestrated and perpetrated an insider...more

The Gloves Come Off: CFTC Takes Swing at Largest Bitcoin Fraud Scheme

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the US District Court for the Western District of Texas charging Cornelius Johannes Steynberg and Mirror Trading International...more

OFAC Reaffirms Focus on Virtual Currency with Sanctions Law Guidance

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Asset Control (OFAC) announced updated guidance for virtual currency companies in meeting their obligations under US sanctions laws. On the same day,...more

A Flurry of CFTC Actions Shock the Cryptocurrency Industry

The Commodity Futures Trading Commission (CFTC) sent shockwaves across the cryptocurrency industry when it issued a $1.25 million settlement order with Kraken, one of the industry’s largest market participants. The next day,...more

CFTC Steps up Activity in the Cryptocurrency Space with Latest Action for Violations of the Commodity Exchange Act and CFTC...

On August 10, 2021, the Commodity Futures Trading Commission (CFTC) announced that the US District Court for the Southern District of New York entered a consent order against HDR Global Trading Limited, 100x Holding Limited,...more

The CFTC is Policing Virtual Currency Boiler Rooms

Following a three-day bench trial, US District Judge Jack B. Weinstein found in favor of the CFTC and ordered a permanent injunction banning Patrick K. McDonnell from dealing in virtual currency and ordering a judgment for...more

US Regulators Use Carrots and Sticks to Encourage Good Conduct in ICOs and Cryptocurrency Investment Products

US state and federal regulators recently offered carrots to guide market actors toward better behavior and are using the stick of enforcement actions to discourage fraud in ICOs and other cryptocurrency-related offerings....more

Rapidly Shifting Regulatory Landscape for Virtual Currencies | Market Participants: Stay Tuned

As US regulators have been active in terms of virtual currency regulation, there are three important updates to which attention should be paid. The New York State DFS guidance, the FinCEN letter to Senator Wyden and the...more

New York Department of Financial Services Guidance Complicates a Crowded Virtual Currency Regulatory Landscape

On February 7, 2018, the New York Department of Financial Services issued “Guidance on Prevention of Market Manipulation and Other Wrongful Activity” imposing stringent reporting requirements of which virtual currency...more

LabCFTC Releases Primer on Virtual Currencies without Broadly Addressing Blockchain Tokens

On October 17, 2017, the Commodity Futures Trading Commission’s LabCFTC released “A CFTC Primer on Virtual Currencies.” The Primer provides an overview or virtual currencies and their potential uses, discusses the role of...more

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