News & Analysis as of

Commodity Exchange Act (CEA) Misappropriation

Ogletree, Deakins, Nash, Smoak & Stewart,...

CFTC Fines Commodities Trader $55 Million in First-Ever Whistleblower Rule Enforcement Action

The Commodity Futures Trading Commission (CFTC) has joined the list of federal agencies targeting employment nondisclosure agreements and other restrictive covenants that allegedly restrict employees from making reports to...more

BCLP

CFTC’s Consent Order with Trafigura Trading: When Inaction Becomes Action

BCLP on

On June 17, 2024, the CFTC filed a consent order against Trafigura Trading LLC, requiring the company to pay a $55 million civil monetary penalty and implement remedial measures. The CFTC’s order details three violations of...more

Kohn, Kohn & Colapinto LLP

Crypto Fraud Remains Focus of CFTC Whistleblower Program

For the second straight year, the majority of whistleblower tips received by the Commodity Futures Trading Commission (CFTC) Whistleblower Program were related to cryptocurrency fraud. On October 31, the CFTC released its...more

Cadwalader, Wickersham & Taft LLP

CFTC Enforcement − Aiding and Abetting Liability

Churchill is credited with saying “Never let a good crisis go to waste” at the end of WWII in reference to lessons learned in rebuilding the post-war world. The rolling collapse in crypto and digital assets’ markets, and...more

Nelson Mullins Riley & Scarborough LLP

U.S. Regulators File Complaints for Digital Asset Market Manipulation and Misappropriation

The U.S. Commodity Futures Trading Commission (CFTC) filed a complaint on Jan. 9, 2023, in the U.S. District Court for the Southern District of New York against Avraham Eisenberg. The U.S. Securities and Exchange Commission...more

Akin Gump Strauss Hauer & Feld LLP

Increasing Government Enforcement in Insider Trading of Commodities

Key Points - The DOJ and CFTC have filed insider trading charges against a Houston-based energy trader for allegedly disclosing confidential information to a third party who then used the information to trade profitably. ...more

White & Case LLP

CFTC Jurisdiction Over Cryptocurrency – Implications for Industry Participants

White & Case LLP on

On October 10, 2019, CFTC Chairman Heath Tarbert commented on Ether’s status as a commodity: “We’ve been very clear on bitcoin: bitcoin is a commodity under the Commodity Exchange Act. We haven’t said anything about Ether –...more

Faegre Drinker Biddle & Reath LLP

Compliance Officers Beware: Your Conversations With the NFA During Examinations Could Lead to Charges

The U.S. Commodity Futures Trading Commission (“CFTC”) sent a strong message to Chief Compliance Officers (“CCO”) this week when it held a CCO held accountable for lying to the National Futures Association (“NFA”) during an...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts

This is the inaugural issue of The Distributed Ledger, a periodic publication covering the latest trends and developments in blockchain technology, digital assets and smart contracts. In this edition, we examine a federal...more

Proskauer - Blockchain and the Law

Federal Court Grants Preliminary Injunction, Affirms CFTC Jurisdiction over Virtual Currencies

Earlier this month, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York entered a preliminary injunction order against Patrick McDonnell and his company, CabbageTech, Corp. (together, the...more

Bass, Berry & Sims PLC

Chris Lazarini Discusses Recoupment of Civil and Criminal Penalties under Bankruptcy Code

Bass, Berry & Sims attorney Chris Lazarini discussed a case in which the defendant – who had pleaded guilty in a criminal case to one count of fraud under the Commodity Exchange Act (CEA) and one count of money laundering,...more

Perkins Coie

Blockchain Week in Review – January 2018

Perkins Coie on

U.S. Developments - Regulatory Updates - CFTC and SEC Enforcement Directors Issue Joint Statement Regarding Virtual Currency Enforcement Actions - This morning, the Enforcement Director of the U.S. Commodity...more

Perkins Coie

Blockchain Week in Review – October #8

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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